The invention relates to a water-based special coating for wheels, and especially relates to a high-hardness and high-fullness special coating for wheels, and a preparation method thereof. The coatingcomprises water-based resin, a conventional aid, a water-based modified polyurethane dispersant, a neutralizer, water-based aluminum silver powder, water-based amino resin, deionized water, wax emulsion and a cosolvent. The preparation method comprises the following steps: preparing an aluminum paste, preparing a slurry, slowly adding the aluminum paste into the slurry, and dispersing to obtain the finished product. The special coating for wheels is applied to the surfaces of the wheels, the obtained appearance effect is similar to the appearance effect of oily wheel amino baking varnish, theusing effect of the oily wheel amino baking varnish is achieved, good stability and water resistance are achieved, meanwhile, the hardness is high, the fullness is high, good construction performanceis achieved, the preparation method is simple, and the production cost is reduced.