Disclosed are a negative C-type compensation film and a method of preparing the same. The negative C-type compensation film includes a) a base layer, and b) a polymer layer comprising polyarylate prepared by a method comprising the step of copolymerizing divalent phenols, divalent aromatic carboxylic acid halides, and allyl bisphenol derivatives, the base layer and the polymer layer being sequentially layered. The compensation film is capable of being used for the negative C-type compensation film without a stretching process, significantly reduces the thickness of the compensation film, and has significantly improved interlayer adhesion force in a multilayer structure.