The invention relates to a water-based primer-topcoat braking paint and a preparation method thereof. The braking paint comprises the following materials by weight percentage: 30-40 of water-based acrylic resin, 2-10 of amino resin, 1-3 of neutralizing agent, 2-5 of compound rustproofing pigment, 1-3 of tinting pigment, 10-20 of filling agent, 0.1-0.5 of defoaming agent, 0.1-0.5 of flatting agent and 25-40 of deionized water, wherein the water-based acrylic resin is a free radical polymerization resultant which comprises the following materials by weight percentage: 10-30 of monomer containing hydroxy acrylic acid, 5-20 of monomer containing carboxyl acrylic acid, 2-8 of internal crosslinking monomer, 20-40 of other acrylic acid monomer, 15-30 of phenyl ethylene monomer, 1-5 of evocating agent and 40-50 of alcohol ether latent solvent. When the paint is prepared, the dispersion and the abrading condition of the pigments and the filling agents are reasonably controlled to ensure that each component of the paint fully plays the respective function. The paint ensures the corrosion prevention effect and the decoration of a coating and realizes the combination of a primer and a topcoat.