The invention relates to the technical field of cosmetics, and discloses water-based eye shadow. The water-based eye shadow is prepared from, by mass, 10.0-20.0% of ionized water, 4.0-7.5% of glycerinum, 1.0-2.0% of methyl glucoside stearate, 1.0-2.0% of polyoxyethylene(20)methyl glucoside stearate, 3.0-4.0% of polyisobutene, 3.0-5.0% of polyethylene glycol, 15.0-40.0% of mica powder, 0.2-1.0% of polyvinylpyrrolidone, 6.5-25.5% of foundation powder, and 0.2-1.0% of preservative. The invention further discloses a preparing method of the water-based eye shadow. After the water-based eye shadow is evenly smeared around the eyes, as the time changes, a refreshing, beautiful and highly stereoscopic makeup layer is formed on the face after water volatilizes. The water-based eye shadow organically combines grease, the foundation powder, humectant and the like by means of hydrophilic and oleophylic structures of an emulsifying agent, the foundation powder becomes hydrophilic, and therefore the water-based eye shadow is obtained; on the water-based condition, the foundation powder in the eye shadow facilitates makeup and is easy to smear and good in skin feeling, after the water volatilizes, the moisture preserving and waterproof effect are powerful, and secondly the water-based eye shadow is easy to remove.