The invention discloses a fire retardant coating, which comprises the following components: an environment-friendly solvent, weather-proof acrylic resin, chlorinated polyether resin, flame retardant amino resin, a dispersing agent, composite foaming powder, a flame retardant material A, titanium white, a flame retardant material B, a flame retardant aid, wood fibers, an inorganic microbead hollowfiller and an anti-sagging agent. The invention also provides a preparation method for the fire retardant coating. The fire retardant coating can be coated on various substrates, is extra-thin, efficient and durable, is specially used outdoors, is resistant to the fire combustion of hydrocarbons, and has high chemical properties such as weather resistance, acid resistance, alkali resistance and the like, high adhesion and an attractive decorative effect, and paint films are fine; the fire retardant coating is uniformly expanded, and has a special foam structure and a high fireproof effect; and the product is environment-friendly and pollution-free, a production process is simplified, and the fire retardant coating is convenient to construct and can be used for coating with various fireproof requirements.