The invention provides a repeatable printing paper. The repeatable printing paper is prepared through a following method that pulp is modulated to obtain modulation paper stock; the modulation paper stock is sequentially subjected to forming, squeezing, coating and calendaring, and the repeatable printing paper is obtained. Coating liquid adopted to coating is prepared from a solvent discoloration spiro compound dye, an organic solvent, water and a sizing agent. The repeatable printing paper comprises the solvent discoloration spiro compound dye, needed characters or patterns can be displayed when the repeatable printing paper encounters water or an acid color developing agent, after a certain time, the characters or the patterns will disappear, and therefore the repeatable printing paper can be repeatedly used. Experimental results indicate that when water serves as a color developing agent, the color developing time of the printing paper is from 10 min to 30 h, and when an acid solution serves as the color developing agent, the color developing time of the printing paper is from 30 min to 100 h. The preparation method is simple in process, it is only required to add dye to the surface glue applying step of a mature papermaking process for production, then the printing paper can be obtained, and the cost is low.