The present invention provides a manufacture method of a polarization and color filter function integration film and a liquid crystal display panel. The polarization and color filter function integration film obtained by the manufacture method possesses polarization property and color filter function. When the polarization and color filter function integration film is applied in the liquid crystal display panel, it can replace the lower substrate and the RGB color resist layer in the liquid crystal display panel according to prior art, which largely simplifies the production process, and saves the production cost to build the merits of cost reduction. The liquid crystal display panel of the present invention replaces the lower substrate and the RGB color resist layer in the liquid crystal display panel according to prior art with the polarization and color filter function integration film possessing polarization property and color filter function, which largely simplifies the production process, and saves the production cost.