The present invention provides an optical film with functions of light collimating, light polarization for brightness enhancement and limiting viewing angle and a method for preparing the same. The optical film includes a plurality of layers of a cholesteric liquid crystal film bound together via an optical adhesive and a quarter-wavelength retardation plate bound with the cholesteric liquid crystal film via the optical adhesive. Therein, at least one layer of the cholesteric liquid crystal film has a polarized separated wavelength range covering the wavelength range of visible light of three primary colors of red, green and blue.