The invention provides a colored TiO2 near infrared reflective pigment and a preparation method thereof. The chemical formula of the pigment is Ti1-m-nFemMonO2. The method includes the steps of: S1: preparing preset mass fractions of TiO2 raw material, Fe<3+> impurity and Mo<6+> impurity; S2: conducting ball milling and grinding treatment on the prepared materials in order; S3: subjecting the ground materials subjected to grinding treatment to solid phase synthesis to convert anatase type completely into rutile type; and S4: carrying out secondary grinding and sieving on the solid phase synthesized reactant to obtain the colored TiO2 near infrared reflective pigment. The invention can solve the problems of low near-infrared reflectivity, single color, poor energy-saving effect and the likeof existing reflective energy-saving pigments.