The invention provides a multi-effect coating and a preparation method therefor, and is characterized in that: the multi-effect coating comprises crosslinkable polyacrylate, polyurethane, melamine, red phosphorus, ammonium dihydrogen phosphate, propanetriol, ethylene glycol, ethylene glycol dibutyl ether, Na2O.nSiO2, TiO2 and water; 100 parts by weight of the crosslinkable polyacrylate correspond to 3-5 parts of polyurethane, 10-15 parts of melamine, 5-10 parts of red phosphorus, 5-15 parts of ammonium dihydrogen phosphate, 5-12 parts of propanetriol, 3-5 parts of ethylene glycol, 5-10 parts of ethylene glycol dibutyl ether, 5-10 parts of Na2O.nSiO2, 10-20 parts of TiO2 and 150-180 parts of water; the raw materials are added according to the ratio into deionized water with a proper temperature; and after thorough agitating, and a coating product of the invention is obtained. The multi-effect coating provided by the invention has sufficient frame-retardancy and sufficient flexibility and uniformity to ensure the overall performance such as safety, comfort and aesthetics of the coating surface.