The invention discloses an environment-friendly renewable wall coating and a preparation process thereof, which relate to the technical field of building coatings. The environment-friendly renewable wall coating comprises the following components in parts by weight: 85-110 parts of fibers, 25-50 parts of a negative ion material, 40-60 parts of water-soluble vegetable gelatin powder, 2-8 parts of an inorganic filler, 5-15 parts of inorganic toner, 10-20 parts of white corundum powder, 20-40 parts of propylene glycol methyl ether acetate, 5-15 parts of an initiator, 15-25 parts of a nonionic surfactant, 3-10 parts of a softener, 2-8 parts of a finishing agent, 0.2-0.8 part of a mildew preventive, and 80-130 parts of deionized water. The strength of the wall coating, the smooth degree of the surface of the wall coating and the purification capacity of the wall coating are conveniently adjusted by controlling the proportion of the fibers, the softener and the negative ion material, the environmental protection property of the wall coating is further enhanced by arranging the wood fibers, the bamboo fibers and the cotton fibers which are all environment-friendly materials, and through the negative oxygen ion liquid made of the negative ion material, the effects of decomposing formaldehyde, purifying air, removing smoke smell, preventing moisture and insulating sound are conveniently achieved.