The invention relates to water-based metal package barrel color paint and a preparing method of the color paint. The color paint comprises deep color paint and light color paint, wherein the light color paint is prepared from the following ingredients in parts by weight: deionized water, defoaming agents, dispersing agents, water dilution polyester resin, titanium dioxide, permanent yellow, precipitated barium sulphate, water-based organic silicon flatting agents, flash-rust inhibitors and water-based amino resin, and the deep color paint is prepared from the following ingredients in parts by weight: deionized water, defoaming agents, dispersing agents, water dilution polyester resin, precipitated barium sulphate, titanium dioxide, either phthalocyanine blue or phthalocyanine green, water-based crylic acid flatting agents, flash-rust inhibitors and water-based amino resin. The paint adopts water as the diluent, any organic solvent is not added, the petroleum resources are saved, the atmospheric emission is reduced, the ecological environment is protected, and the harm to human bodies is avoided.