The invention provides a water-based chameleon solvent-resistant elastic coating, which comprises the following components, each component and the mass parts of each component are: 10-15 parts of deionized water, 40-60 parts of water-based resin, 6 parts of chameleon pigment ~10 parts, water-based curing agent 8-10 parts, water-based matting powder 2.5-5 parts, dispersant 0.3-0.5 parts, wetting agent 0.3-0.5 parts, leveling agent 0.8-1.2 parts, film-forming aid 3-4 parts 1-2 parts, hand feeling aid 1-2 parts, water-based wax 1-2 parts, defoamer 0.1-0.3 parts, pH regulator 0.1-0.3 parts, thickener 0.2-0.4 parts, propylene glycol methyl ether acetate 2-3 parts, 1-3 parts of DB7650 special modified polyurethane. The coating is not only safe and environmentally friendly, but also has good solvent resistance, fullness of the paint film, scratch resistance, abrasion resistance, and the handle and workability are also greatly improved.