Disclosed is a co-extruded water-proof and moisture-permeable film structure, including a top skin layer, a core layer, and a bottom skin layer. The top and bottom skin layers include polyolefin or polyurethane and the core layer comprise polyurethane. The core layer is disposed between the top and bottom skin layers. If polyurethane is adopted in top and/or bottom skin layers, the polyurethane of the skin layers has lower moisture and vapor permeability than the polyurethane of the core layer. The described film can be manufactured by co-extruded bubble blown or co-extruded casting. In addition, the film can be laminated to a fabric to form a water-proof and moisture-permeable textile.