The invention discloses a method for manufacturing a colored waterproof paint for exterior walls, which comprises the following steps: first, the ingredients are prepared according to the following parts by weight: 15 parts of water, 0.2 parts of preservative, 60 parts of pure acrylic emulsion, 0.4 part of dispersant, 3 parts of toner, 0.8 part of color paste, 25 parts of heavy calcium carbonate powder, 0.2 part of defoamer, 1.8 part of film-forming aid, and 0.6 part of thickener; then, mix water, preservative, and pure acrylic emulsion Stir evenly to prepare mixture A; then add dispersant, toner, and color paste to the prepared mixture A in sequence and mix and stir to obtain mixture B; finally add heavy calcium carbonate to the prepared mixture B in sequence Powder, defoamer, film-forming aid, and thickener are fully stirred and evenly prepared into a finished coating. The coating produced by the method provided by the invention has strong anti-penetration ability, remarkable waterproof performance, good weather resistance, strong acid and alkali resistance, good high temperature resistance, no chemical smell harmful to human body, simple preparation and good weather resistance , service life up to 8-10 years.