The invention provides a color fadeable water-based spray paint, whose components include water-based resin, colorant, color developer, solvent, water-based wetting and dispersing agent and water-based drier; the color developer is bisphenol A, lemon At least one of acid, phosphoric acid, tartaric acid, malic acid, fumaric acid, ascorbic acid and gluconic acid; the color material is white material, red material, blue material, green material, yellow material, orange material, black material of at least one colorant. Its preparation: Take 3 / 4 of the water-based resin according to the mass ratio, take the wetting and dispersing agent, the color developer and the colorant and put them into the reaction kettle, then add nerolidol, and disperse at a high speed for 15-25 minutes; then put in the remaining water-based resin, Solvent, water-based drier, stir well to make water-based spray paint. The prepared water-based spray paint and propellant are potted into an aerosol can equipped with a valve and a press head, and then it can be used. It can be used for temporary painting, wall graffiti, wood or glass spraying, body decoration, graffiti of banners and slogans, map marking, etc.