The invention provides special water-based ink for printing tipping paper for a cigarette. The special water-based ink comprises pure acrylic resin, pigment, packing, a defoamer, fumed silica, surfactant, wetting dispersant, water and alcohol. A preparation method of the water-based ink is also provided by the invention. Compared with other ink for printing the tipping paper for the cigarette, the special water-based ink for printing the tipping paper for the cigarette disclosed by the invention has the advantages that the ink can be diluted by pure water; the consumption is reduced; and the ink does not burn or blast, does not belong to dangerous chemicals, and increases the printing, transporting and storing safety. The water tolerance, the curling resistance and the printing adaptability of the ink are greatly improved; and the printing effect can be equivalent to those of alcohol-soluble ink and solvent-based ink. In a word, the water-based ink disclosed by the invention is simple in cost, low in price, good in printed adhesive force, strong in water resistance, and fast to dry. Thus, the water-based ink is especially suitable for package printed matters such as foods, beverage and medicaments.