The invention belongs to the field of coatings, and particularly relates to an aqueous exterior wall coating with temperature control mildew resistance and a preparation method of the coating. The coating comprises the following components: an isopropyl acrylamide modified acrylate emulsion, an organosilicone modified acrylate emulsion, isothiazolinone, lightweight calcium carbonate, talc powder,a dispersing agent, a levelling agent and deionized water, wherein the isopropyl acrylamide modified acrylate emulsion is prepared from the following components: N-isopropyl acrylamide, butyl acrylate, acrylic acid, allyloxypropyl alkyl phenol polyether, a dialkyl sulfosuccinate salt of allyl, ammonium persulfate and deionized water. The coating provided by the invention is a novel exterior wall anti-mildew coating capable of controlling a release speed of an anti-mildew agent at different temperatures, has high mildew resistance, good weather resistance, light and thermal stability, chemicalstability, stain resistance, wash resistance, corrosion resistance and self-cleaning performance, and also has gloss and fullness. The invention also provides the preparation method of the coating.