The present disclosure provides an anti-peep film and a manufacturing method thereof, and a display module. The anti-peep film includes a plurality of transmission areas and a plurality of anti-peep areas, and the plurality of transmission areas and the plurality of anti-peep areas are alternately arranged in a direction perpendicular to a thickness direction of the anti-peep film. At least one anti-peep area of the plurality of anti-peep areas has a set structure, and the set structure enables that light incident on the at least one anti-peep area from a first side in the thickness direction of the anti-peep film is reflected back to the first side through the at least one anti-peep area.