The present invention relates to a method for preparing a configurable wheel cover and to a product thereof. The method comprises: (a) providing a hub cover including a plurality of locking voids and a plurality of knobs; (b) providing an insert kit including a plurality of inserts, and a front end of each insert being connected with a tenon; and (c) configuring each tenon of the insert kit into each locking void from a top or a bottom of the hub cover. In addition, the present invention further provides a novel configurable wheel cover.