The invention relates to a water-based soldering flux, which comprises the following raw materials in parts by weight: 0.3-1% of alkyl dicarboxylic acid, 1-4% of polyglycol, 1.5-4.5% of ammonium chloride, 0.8-3.3% of glycerinum, 1.3-5.3 of citric acid, 1-20% of nonylphenol polyether phosphate, 0.05-0.6% of surfactant, 1-30% of water, and 31-90% of solvent. The water-based soldering flux has advantages of low solid content, high boiling point, slow volatilization, fire resistance, high safety and environment protection, without smell. The invention further discloses a preparation method of the water-based soldering flux, comprising the following steps of: weighing the material according to formula ratio; adding solvent in a first vessel and nonylphenol polyether phosphate to a first reacting kettle, and then completely stirring; adding the surfactant and solvent in a second vessel to a second reacting kettle, and then completely stirring; adding the alkyl dicarboxylic acid, the polyglycol, the ammonium chloride, the glycerinum, the citric acid, the water, a first dispersion, a second dispersion and solvent in a third vessel to a third reacting kettle, and then completely stirring; uniformly dispersing to obtain a finish product. The preparation method of the water-based soldering flux has advantages of simple process, easy operations and high production efficiency.