The invention provides a water-based rubber paint. The water-based rubber paint is composed of, by 
mass, 5 to 35% of water, 30 to 80% of water-based rubber 
emulsion, 0 to 55% of water-based resin 
emulsion, 0 to 60% of a 
pigment and filler, and 0.1 to 25% of an auxiliary agent. The invention also provides a preparation method of the water-based rubber paint. The preparation method comprises following steps: 1, water, the water-based rubber 
emulsion, the water-based resin emulsion, and the auxiliary agent are prepared into a 
raw material at a certain 
mass ratio; 2, an obtained mixture is stirredfor 1 to 5h, wherein the rotating speed is controlled to be 50 to 200 round / min; 3, sieving is carried out using a 
sieve of 40 meshes, and then packaging is carried out. The water-based rubber paintpossesses following advantages: the water-based rubber paint is based on water, is friendly to the environment, and peeling is avoided; 
drying is quick; construction is convenient; repairing is convenient; the weatherability is excellent; color maintaining performance is excellent; 
stain resistance is excellent; cleaning is convenient; 
moisture resistance is excellent, salt spray resistance is excellent; mould resistance is excellent; and physical, chemical, and construction defects are avoided when the water-based rubber paint is used for 
coating base materials such as 
metal, 
cement, concrete, stone material, plastic, 
plastic cement, glass, tile, timber, film, paper, and leather.