A method of preparing a fluoroelastomer capable of being vulcanized by using peroxide, the method comprising: in the presence of an initiator and a chain transfer agent, conducting emulsion polymerization reaction on comonomers to obtain a fluoroelastomer. The preparation method utilizes alkyl iodide RI x as the chain transfer agent, and introduces the atom I into the molecular structure of the polymer during the reaction, the atom I acting as a crosslinking point during peroxide vulcanization. The fluoroelastomer obtained via the preparation method greatly improves the performance after being vulcanized; in addition, due to the low cost and extensive sources of alkyl iodide, the preparation method also simplifies the manufacturing process, reduces cost, and has wide application prospects.