The invention discloses a water-based environmentally friendly flame-retardant and heat-insulating coating and a preparation method thereof. The formula of the water-based environmentally-friendly flame-retardant and heat-insulating coating includes, in mass percentage: 20-40% of water-based acrylic emulsion, water-based epoxy resin emulsion 10-20%, water-based inorganic flame retardant dispersion slurry 20%-30%, water-based thermal insulation nano-dispersion slurry 5%-10%, water-based wetting and dispersing agent 0.1%-0.3%, water-based defoamer 0.1 %-1%, silane coupling agent 1%-3%, lead-free pigment 5%-10%, film-forming aid 0.5%-2.5% and deionized water 5%-25%. The water-based, environment-friendly, flame-retardant, heat-insulating and heat-insulating paint of the invention can form effective protection against corrosion, abrasion resistance, acid and alkali resistance, impact resistance, flame retardancy and fire prevention on the surface of the coated substrate. Under high-temperature combustion conditions, it does not produce harmful gases such as corrosive halogen gas, does not volatilize, has a long-lasting effect, is non-toxic, smoke-free, and does not drip.