The invention belongs to the field of water-based coating materials, and particularly relates to a water-based heavy anti-corrosion flame-retardant coating material for a metal base material, and a preparation method thereof. The water-based heavy anti-corrosion flame-retardant coating material comprises a component A and a component B according to a weight ratio of 100:(20-30), wherein the component A comprises 50-60 parts of a modified epoxy resin emulsion, 10-15 parts of functionalized modified graphene, 12-18 parts of a filler, 5-10 parts of a cosolvent, 0.5-1 part of an antifoaming agent,0.5-1 part of a leveling agent, 1-2 parts of an anti-settling agent, 0.5-1 part of an anti-freezing agent, 1-1.5 parts of a thickener, 1-2 parts of a wetting agent, 1-2 parts of a dispersant and 35-45 parts of deionized water, and the component B comprises 35 to 50 parts of a curing agent and 20 to 35 parts of a cosolvent. According to the invention, the water-based heavy anti-corrosion flame-retardant coating material has the advantages of good film-forming property, high coating adhesive force, good stability, greatly improved fire resistance limit, greatly improved bonding strength, greatly improved fire resistance time, good flame retardancy, good corrosion resistance, good water resistance, good weather resistance, low cost, safety and environmental protection; and the preparation method disclosed by the invention is simple, easy to operate, high in production efficiency, available in raw materials, low in energy consumption and capable of realizing large-scale production.