Provided are a cholesteric liquid crystal composition, and a liquid crystal display panel including the composition, and their preparation methods. The cholesteric liquid crystal composition contains a block copolymer and a cholesteric liquid crystal, wherein the block copolymer has a block A including a chiral group M1 and a block B including a chiral group M2, and the cholesteric liquid crystal has at least two different pitches. The display panel includes an array substrate and a counter substrate placed by cell assembly, and a liquid crystal layer disposed between the array substrate and the counter substrate, wherein the liquid crystal layer comprises the cholesteric liquid crystal composition. The liquid crystal layer in the planar texture is capable of reflecting light of at least two wavelengths in the visible light region.