The invention provides waterborne multicolor coating with freeze-thaw resistance, basic paint for the waterborne multicolor coating and a method for preparing the basic paint. The basic paint for thewaterborne multicolor coating with the freeze-thaw resistance comprises, by weight, 10-12 parts of hydroxyethyl cellulose aqueous solution, 4-8 parts of dispersing agents, 2-6 parts of defoaming agents, 5-6 parts of coalescing agents, 10-12 parts of antifreezing agents, 0.1-3 parts of pH (potential of hydrogen) regulators, 8-12 parts of titanium dioxide, 80-90 parts of kaolin, 300-350 parts of pure acrylic emulsion, 1-5 parts of sterilizing preservatives, 2-5 parts of thickeners, 0-2 parts of leveling agents and 530-550 parts of deionized water. The waterborne multicolor coating, the basic paint and the method have the advantages that appropriate auxiliaries and emulsion are screened to prepare the basic paint, accordingly, the freeze-thaw stability of products can be guaranteed, and undesirable phenomena such as increase of broken points of multicolor particles, soft color points, frozen color points, post-thickening and the like can be prevented.