The invention provides a water-based chameleon solvent-resistant elastic coating, which comprises the following ingredients (by weight): 10-15 parts of deionized water, 40-60 parts of waterborne resin, 6-10 parts of chameleon pigment, 8-10 parts of a water-based curing agent, 2.5-5 parts of water-based matting powder, 0.3-0.5 part of a dispersant, 0.3-0.5 part of a wetting agent, 0.8-1.2 parts ofa leveling agent, 3-4 parts of a coalescing agent, 1-2 parts of a hand feeling agent, 1-2 parts of water-based wax, 0.1-0.3 part of an antifoaming agent, 0.1-0.3 part of a pH regulator, 0.2-0.4 part of a thickening agent, 2-3 parts of propylene glycol methyl ether acetate, and 1-3 parts of DB7650 special modified polyurethane. The coating is safe and environmentally-friendly, and has good solventresistance, film fullness, scratch resistance and wear resistance. In addition, hand feeling and application property are also greatly enhanced.