The invention provides a peep-proof film and a manufacturing method thereof as well as a display module, so as to increase the light energy utilization rate of a film material and solve the problem oflow light transmittance rate of an existing peep-proof film. The peep-proof film comprises a plurality of transmittance regions and a plurality of peep-proof regions, wherein the transmittance regions and the peep-proof regions are alternately disposed; and the peep-proof regions are configured to enable a light emitted to the peep-proof regions from the first side of the thickness direction of the peep-proof film to be reflected by the peep-proof regions back to the first side of the thickness direction. As the light emitted to the peep-proof regions from the first side of the thickness direction of the peep-proof film can be reflected by the peep-proof regions back to the first side of the thickness direction, the peep-proof film provided by the embodiment of the invention can increasethe light energy utilization rate of the film material and solve the problem of low light transmittance rate of the existing peep-proof film.