The invention discloses a matte external wall coating and a preparation method thereof. The coating is prepared from, by mass percent p, 15-20% of water, 0.15% of wetting agent, 0.6-0.8% of organic dispersing agent, 0.4% of mold inhibitor, 0.2% of mineral oil deformer, 18-20% of titanium dioxide, 10-12% of kaolin, 1.5-2% of talcum powder, 6-10% of heavy calcium powder, 0.5-0.7% of hydroxyethyl cellulose, 0.1-0.2% of pH modifier, 0.2% of preservative, 30-40% of matte pure acrylic emulsion, 1-2% of coalescing agent, 1-2% of propylene glycol, 0.3-0.6% of alkali swelling thickening agent and 0.2-0.4% of associated thickener. Due to the fact that room-temperature self-crosslinking pure acrylic emulsion of a soft shell and hard core structure serves as matte pure acrylic emulsion, extinction can be achieved through the coalescing characteristic of the matte pure acrylic emulsion itself; thus, coating color and luster can be reduced by only adding normal pigment to the coating, the long-term durability of the coating is not influenced, and then the low color and luster and the long durability are achieved by the matte external wall coating.