The invention relates to a material for construction and decoration and in particular relates to water-based varnish. The formula of the water-based varnish is as follows: 15 to 30 parts of water, 10 to 20 parts of acrylic polymers, 12 to 20 parts of titanium dioxide, 3 to 5 parts of barite powders, 5 to 15 parts of ground calcium carbonate, 3 to 5 parts of kaolin, 3 to 5 parts of mica powders, 0.4 to 0.8 parts of wetting and dispersing agents, 0.3 to 0.4 parts of a defoaming agent, 0.3 to 0.6 parts of a leveling agent, 0.5 to 2 parts of a thickener, 0.2 parts of a multifunctional auxiliary agent, 0.8 to 1 part of a film-forming agent, and 0.8 to 2 parts of a disinfectant and anti-mildew agent. The water-based varnish is made from high-quality acrylic polymers, natural mineral powders and multiple auxiliary agents and refined by the advanced production process. The water-based varnish has the characteristics of environmental friendliness, no toxicity, alkali resistance, mildew resistance, primer-coat property, crack resistance, energy saving, flame retardancy, sound insulation, moisture protection, leakage resistance, strong adhesion, high hardness and dry friction resistance.