The invention discloses water-based two-component bright white finish preventing rash and a preparation process thereof, and relates to the technical field of chemical coating, overcoming a problem that overall application effects are poor because rash and pinholes are liable to generate during construction of water-based two-component paint. The white finish includes a main agent and a curing agent which are separately stored and which are mixed according to a mass ratio of (5-8):1 when in use, and is characterized in that the main agent includes, by weight, 50-60% of water-based hydroxy acrylic resin, 0.1-0.3% of a pH conditioner, 0.5-1% of a polymer defoamer, 5-10% of a film forming aid, 0.1-0.2% of an organosilicon defoamer, 0.05-0.15% of a wetting and leveling agent, 6-10% of deionized water, 0.1-0.3% of an associated type thickener, 20-30% of water-based white paste, 2.75-3.25% of wax emulsion, and 0.1-0.3% of a dispersant; and the curing agent includes, by weight, 65-75% of isophorone diisocyanate and 25-35% of hexamethylene diisocyanate. After construction of the white finish, rash and pinholes are not liable to generate and the overall application effect is good.