The invention discloses an anti-crack and anti-falling coating and a preparation method, which belong to the technical field of coatings. The coating is prepared from the following components: modified polyurethane, modified epoxide resin, glass fiber, aluminum oxide, sodium stearate, paste attapulgite clay, putty cream, kieselguhr, a defoaming agent, a filling agent, pigment, and appropriate amount of water. The preparation method comprises the steps of weighing the modified polyurethane and the modified epoxide resin, adding into a reaction kettle, adding appropriate amount of water, and carrying out mixed reaction to obtain a mixture a1; adding the paste attapulgite clay, uniformly stirring, putting in an ultraphonic condition, and obtaining a mixture a2; adding the putty cream, the kieselguhr, the defoaming agent and the filling agent, stirring, shearing, adding a pigment, and uniformly mixing to obtain the coating. The coating provided by the invention not only has a better waterproof and anticorrosion effect, but also has a better anti-crack and anti-falling performance. In addition, the preparation method is simple and practicable, and has a better application value.