The invention belongs to the technical field of peelable paint, and particularly relates to water-soluble peelable paint and a preparation method thereof. By aiming at the defect that the existing peelable paint mostly aims at the metal surface protection, so that organic solvents harmful to the environment are used. The water-soluble peelable paint is characterized by being prepared from the following ingredients in parts by weight: 100 to 250 parts of acetate butyrate carboxyethyl cellulose, 680 to 900 parts of acrylic resin, 10 to 30 parts of carbon micro nanometer materials, 12 to 15 partsof peeling accelerators, 3 to 10 parts of film forming auxiliary agents, 3 to 10 parts of wetting agents, 10 to 15 parts of dispersing agents, 0 to 30 parts of thickening agents and 110 to 180 partsof water. The water-soluble peelable paint is applicable to the temporary protection on nonmetal material surfaces of ceramics, glass, plastics and the like.