The invention relates to watermarked paper having multiple observed effects, and a preparation method thereof. The invention provides the watermarked paper having multiple observed effects at first, wherein a watermarked part of the watermarked paper having multiple observed effects contains one or more materials with optical characteristics and the one or more materials are selected from energy-storage luminous materials, fluorescent materials, ultraviolet luminous materials and infrared luminous materials. Watermarked patterns of the watermarked paper cannot only be observed in a light transmission way but also be observed in a stimulated emitted light or afterglow way under irradiation of corresponding lights adopted according to applied different materials with optical characteristics, wherein light sources of the adopted lights are an ultraviolet light source, a infrared light source or a natural light source. The invention also provides preparation method of the watermarked paper having multiple observed effects, wherein the preparation method comprises the step of applying a material with optical characteristics on a watermarked part of the watermarked paper. Compared with general watermarked paper, the watermarked paper having multiple observed effects has better anti-counterfeiting effects and thus the watermarked paper having multiple observed effects is more difficult to be counterfeited.