The invention discloses a preparation method for water-soluble cellulose acetate propionate mould-pressing and aluminium-plating emulsion. The preparation method comprises a step of weighing the substances of cellulose acetate propionate, methyl methacrylate, butyl methacrylate, ethyl acrylate, dicyclopentadienyl acrylate, acrylic acid and N-hydroxyethyl acrylamide in a weight ratio, a step of preparing a pre-mixing solution, namely, performing mixed reaction on cellulose acetate propionate, an organic solvent, an initiator and a part of monomers, and a step of preparing pre-emulsion, namely, mixing a non-ionic emulsifier with an anionic emulsifier at first, and then adding the remainder substances to prepare the pre-emulsion, adding the pre-emulsion in a reaction kettle to react after the initiator is completely dissolved, dropwise adding ammonia water to neutralize, and finally diluting until the solid content is 35%, and then cooling and discharging. With the adoption of the preparation method disclosed by the invention, the problem of discharge for volatile organic compounds is solved; and the obtained product is good in water resistance after being dried, and improved in hardness, glossiness and plasticity after film-forming.