The invention discloses an anisotropic conductive adhesive and a preparation method and a display device. The anisotropic conductive adhesive comprises an adhesive body and a conductive particle located inside the adhesive body; the conductive particle includes an insulation inner core, a conducive layer wrapping the insulation inner core, and an etching part located at the surface of the conductive layer; when pressure is applied to the anisotropic conductive adhesive, the etching part is used for removing the influence caused on a metal oxide making contact with the surface of the anisotropic conductive adhesive, so that the conductive layer is connected with a metal electrode covered with the metal oxide. The technical problem that the connection conductivity of an anisotropic conductive adhesive and a metal electrode in the prior art is poor is solved.