In order to produce the high performance PEO water-soluble film, the methods were researched by adopting direct PEO extrusion-blown molding, blow molding after granulation, and modified, granulated and then blow-molding. The choice of modifier such as plasticizer and stabilizer and the proportion of different modifiers were discussed. Experimental comparative study was conducted under the condition of the plasticizer being glycerol, stabilizer being ethylene glycol, the proportion of PEO and plasticizer, stabilizer being 18:1:1, 8:1:1, 6:1:1, 7:1:1.2 respectively. With the increase of plasticizer content of glycerol, the melting temperature of PEO is decreased. Stabilizer ethylene glycol increased the thermal stability of PEO, which effectively prevented the oxidation in the process of experiment. The process routes and process conditions of blow molding and granulating were determined. The optimal granulation temperature and blow molding temperature before and after modified PEO were found. The optimal granulation temperatures before modified were 120, 122, 125 and 129℃ in the location from the nose to membrane mouth position. Different modifier dosage would change the optimal blow-molding temperature accordingly and the temperature decreased with an increase of modifier. The products all indicated insufficient viscosity, therefore the modifier to increase viscosity should be added in future research.