Disclosed are a polyethylene microporous film and a method of preparing the same. The polyethylene microporous film, which has a laminated structure comprising B layer/A layer/B layer, prepared by melt-mixing a polyethylene and an aliphatic hydrocarbon solvent together at controlled mixing ratios to separately form an A layer and a B layer having different porosities, and then coextruding the A and B layers, thus exhibiting excellent mechanical properties, such as strength and elongation, and high-temperature stability. Therefore, the polyethylene microporous film is suitable for use in a rechargeable battery separator.