A projection screen and a processing method therefor, wherein the projection screen comprises, in sequence from the incident side of projection light, a diffusion layer, a microlens array and a substrate. The inner side of the substrate is provided with a Fresnel microstructure, and part of the surface of the Fresnel microstructure is provided with a reflecting layer while the remaining part of the surface is a light absorbing layer. The microlens array is used for focusing the projection light on the reflecting layer. The reflecting layer is used for reflecting projection light back to the field of view of viewers. Ambient light is mostly absorbed by the light absorbing layer. The settings of the structure and dimension of the microlens array enable the projection light to be only incident onto the reflecting layer of the Fresnel microstructure and the ambient light to be mostly absorbed by the light absorbing layer.