The invention discloses water-based fluoride varnish. The water-based fluoride varnish comprises components as follows: water-based fluoride epoxy resin, zinc powder, water and additives, wherein the water-based fluoride epoxy resin comprises components as follows: bisphenol AF, epichlorohydrin, polyethylene glycol bisglycidyl ether, ethylene glycol amine and acrylic acid; the additives comprise components as follows: a dispersing agent, a curing agent, a thickening agent, a coalescing agent, a PH modifier, a silane coupling agent and a flatting agent. The invention further designs a preparation method of the water-based fluoride varnish. The method comprises steps as follows: dissolving the dispersing agent in the additives in water, then stirring the water-based fluoride epoxy resin and the rest components in the additives, then adding the zinc powder to obtain a pre-mixture, and adding a dispersing agent aqueous solution into the pre-mixture to prepare the water-based fluoride varnish. The water-based fluoride varnish has the excellent weather resistance and the acid and alkali corrosion resistance, the low friction property, the stain resistance and the ultraviolet-resistant ageing resistance, the preparation method is simple and easy to implement, and the preparation cost is low.