An aqueous fire proofing coating with ultra-thin steel structure and its production are disclosed. The fire proofing coating consists of acrylic acid emulsion, amine poly-phosphate, tetramethylolmethane, melamine, expanding graphite, aluminum hydrate, antifoaming agent, leveling agent, dispersant, plasticizer, coupling agent, thickening agent. The process is carried out by adding amine poly-phosphate, tetramethylolmethane, melamine, aluminum hydrate and partial accessories into ball grinder, agitating, grinding, adding expanding graphite and residual accessories into ball grinder, agitating and filtering to obtain final product. It's cheap, simple and convenient, has better flame retardant performance, short drying time and no environmental pollution.