An electrophoretic display medium and preparing method thereof. The electrophoretic display medium comprises: negatively or positively-charged pigment particles; neutral pigment particles with colors different from the charged pigment particles; and low-polar and/or non-polar dispersing solvent. The method of preparing the electrophoretic display medium comprises: synthesizing neutral pigment particles; synthesizing charged pigment particles; and preparing electrophoretic display medium. The method of synthesizing the neutral pigment particles comprises: mixing together pigment particles, macromonomers, coupling-agents and chain-initiators for polymeric reaction in the solvent, and reacting at a temperature of 30-120° C. for 4-48 hours. The method is applied to many kinds of inorganic oxides, inorganic salts and complex inorganic salt pigments. This method fundamentally avoids agglomeration caused by attraction of positively and negatively-charged electrophoretic particles, greatly enhancing display performance. The steps of synthesizing particles are simple and the preparing procedure of the electrophoretic medium is simplified, making the whole process simple and highly efficient.