The present invention provides a functional material and a method for preparing the same, as well as a color filter material and a color filter substrate. The present invention belongs to the display technical field and can solve the problem that existing color filter films are environmentally unfriendly and have poor heat resistance and unsatisfactory colors. The functional material of the present invention includes an inorganic powder whose surface has a modified layer, wherein the inorganic powder includes any one or more of aluminum oxide, magnesium oxide, zinc oxide, zirconium oxide, silicon dioxide, titanium dioxide, boron oxide, diiron trioxide, calcium oxide, potassium oxide, sodium oxide and lithium oxide; and the modified layer is generated by a reaction of a dianhydride and a diamine. The color filter material of the present invention includes the above functional material and a quantum dot. The color filter substrate of the present invention includes a color filter film made of the above color filter material.