An anti-peeping panel, a preparation method, a driving method, and a display device. The anti-peeping panel includes: a first substrate; a second substrate; a composite material layer; first and second transparent electrode layers. The first and second transparent electrode layers includes first and second elongate electrodes respectively; orthographic projections of at least one first and second elongate electrode on the first substrate have a first overlapping region; the composite material layer includes first and second composite regions, the second composite region overlaps with the first overlapping region; when an electric field of first frequency exists between first and second elongate electrodes, the second composite region shades light, the first composite region transmits light; when an electric field of second frequency exists between first and second elongate electrodes, the second composite region transmits light, the first composite region transmits light; the first frequency is different from the second frequency.