The invention provides a water-based metal antirust agent, which consists of the following components in parts by mass: 6-8 parts of sodium benzoate, 3-5 parts of sodium silicate, 3-5 parts of triethanolamine, 2-3 parts of barium sulfate 1-2 parts of acrylamide, 1-2 parts of sodium chloride, 1-2 parts of disodium hydrogen phosphate, 0.5-0.8 parts of isobutanol, 8-10 parts of ethanol, and 75-85 parts of water. The present invention also provides a preparation method of the above-mentioned water-based metal antirust agent. The water-based metal antirust agent of the present invention can be used for antirust in process, short-term storage and transportation, and can also be used in hydraulic equipment requiring antirust. The metal can be protected from rust by soaking, spraying, brushing, etc.; under normal circumstances, it can keep the metal rust-free for 130-160 days.