The invention relates to a crystallinity low-melting point polyester fiber and a preparation method thereof; the crystallinity low-melting point polyester fiber is a belt core structure, wherein a belt layer is a low-melting-point polyester, and a core layer is PET; the low-melting point polyester fiber consists of terephthalic acid chain section, isophthalic acid chain section, 1, 3-propylene glycol chain section, dipropylene glycol chain section and molecular weight modifier, wherein the molecular weight modifier corresponding to the molecular weight modifier chain section is 1, 8-naphthalic acid, phthalic acid, 1, 2-cyclopentane dioctyl phthalate, 1, 2-cyclohexane dioctyl phthalate or corresponding dimethyl ester or diethyl ester. The preparation method includes low-melting-point polyester polymerization and belt core composite spinning, wherein post spinning adopts drafting-water washing technique, and drafting adopts oil bath drafting added with sodium sulfite; through rolling, cutting and drying, the crystallinity low-melting point polyester fiber is acquired. The crystallinity low-melting point polyester fiber prepared by the invention is low in melting point, and low in total content of acetaldehyde and acrolein.