The invention discloses a water-based metallic paint used for commercial vehicle surface coating. The water-based metallic paint comprises, by weight, 25 to 35 parts of aqueous polyester resin, 20 to32 parts of aqueous acrylic resin, 4 to 8 parts of zinc dihydrogen phosphate, 2 to 3 parts of nanometer titanium dioxide, 3 to 8 parts of an oxidizing agent, 5 to 12 parts of a sodium hydroxide solution, 4 to 8 parts of methanol, 3 to 8 part of an aluminium powder pigment, 2 to 5 parts of an environmental protection inorganic pigment, 2 to 4 parts of a processing auxiliary agent, and 50 to 80 parts of water. The raw materials of the water-based metallic paint are safe, are friendly to the environment, and are cheap; the aluminium powder pigment is subjected to pretreatment and oxidation modification, so that the stability and the dispersion performance of the aluminium powder pigment in water are improved. The water-based metallic paint is simple in preparation method, is low in preparation cost, possesses excellent corrosion resistance, wear resistance, weatherability, rusting resistance, antibacterial performance, shock resistance, and ultraviolet resistance, is used for commercial vehicle surface coating, is convenient to use, is rapid in curing; beautifying effect is excellent;and the water-based metallic paint is worthy of popularization.