The invention discloses a water-based environment-friendly paint. The water-based environment-friendly paint is characterized by being prepared from the following raw materials by weight: 40-50 partsof hyperbranched urethane acrylate, 4-8 parts of acrylonitrile-based cross-linked polymer hollow microspheres, 3-5 parts of allyl chloro(difluoro)acetate ionized N, N-bis(2-hydroxyethyl)-2-aminoethanesulfonic acid, 1-3 parts of 2, 2-dimethylethenylboronic acid pinacol ester, 1-3 parts of N, N'-(1, 2-dihydroxyethylene)diacrylamide, 0.3-0.6 part of a photoinitiator, 10-15 parts of filler, 1-3 partsof a dispersing agent, 0.5-1.5 parts of a defoaming agent and 25-35 parts of water. The invention also discloses a preparation method of the water-based environment-friendly paint. The water-based environment-friendly paint disclosed by the invention has the characteristics of good comprehensive performance, large adhesive force to a base material, excellent storage and transportation stability, excellent corrosion resistance, flame retardance and high temperature resistance, fast drying and curing speed, convenient construction, large coating hardness, good toughness and weather resistance, and long in service life.