The invention provides water-based single-component modified epoxy resin as well as a preparation method and application thereof. The water-based single-component modified epoxy resin comprises the preparation raw materials: epoxy resin, a modifier, an adhesion promoter, a catalyst, an initiator, a hydrophilic monomer, a cosolvent and a neutralizer, wherein the epoxy resin comprises at least one of E20, E44, E51, E54, F51 and E12. The water-based single-component modified epoxy resin is convenient to use, long in service life, quick to dry, high in gloss, good in salt mist resistance, particularly good in adhesive force to substrates difficult to adhere, such as galvanized plates and aluminum plates, wide in universality and environmentally friendly. The invention also provides a coating composition containing the water-based single-component modified epoxy resin and a coating product.