The invention relates to a two-in-one water-soluble nail painting and protecting membrane solution. The solution is prepared by taking modified water-borne resin and a water-soluble compound as a base stock and mixing the base stock with a water-borne dispersant and a colour development substance. The two-in-one water-soluble nail painting and protecting membrane solution is non-toxic, tasteless,environmentally-friendly and safe. The water-soluble components in the solution are absorbed rapidly compared with that in air, therefore, highly difficult technical problems, such as quick drying, no fear of hot water soak and friction, high hardness, strong adhesive force, excellent solvent resistance, scratch resistance and scrape resistance, high fullness, good effects on protecting light andcolour (a 60-degree incoming method and a mirror surface with a special bright surface on which highlight is more than or equal to 90), heat resistance and cold resistance (temperature resistance is from -25 DEG C to +90 DEG C for 96 h continuously, and the solution can be normally used at room temperature) during transporting and storing, are completely solved in the same time,. In addition, thetwo-in-one water-soluble nail painting and protecting membrane solution has the characteristics of capability of regulating colours, alternating colours, mixing colours, or colour-painting nails, mobile phones, teacups or the surfaces of other living objects according to the favour, and the like. The two-in-one water-soluble nail painting and protecting membrane solution can be washed away by an ester or alcohol solution after being painted on nails.