A biaxial retardation film is disclosed, including a substrate, wherein the substrate includes an alignment film thereon or an alignment-treated surface; and an optically anisotropic coating on the substrate, wherein the optically anisotropic coating includes a top layer and a bottom layer, wherein the bottom layer is a parallel aligned liquid crystal layer along an alignment direction of the substrate, and the top layer is a vertically aligned hexagonal pillar array liquid crystal layer, wherein three-dimensional refractive indices of the optically anisotropic coating satisfy a relationship nx>nz>ny. The disclosure also provides a fabrication method thereof.