The invention discloses an application of chromium oxide in improvement of heat insulation and cooling performance of polymer master batch and polymer materials, and the prepared heat insulation and cooling polymer master batch and polymer materials not only have good color and color stability, but also improve the heat insulation and cooling performance of the polymer master batch and polymer materials. The polymer material is prepared from the following raw materials in parts by mass: 85-97.5 parts of film-grade polyolefin resin and 2.0-15 parts of polymer master batch, wherein the polymer master batch contains chromium oxide.