This invention discloses formula and method for preparing high-performance water-soluble alkyd antirust primer. The method comprises: synthesizing water-soluble alkyd resin solution, mixing with antirust pigment, filler, water, drier and additives, dispersing, and grinding. The primer utilizes water as the diluting agent, and is noncombustible, thus is safe for the operators. The volatile organic compound (VOC) content is very low, and can meet the state standards of China. Besides, the primer also has such advantages as safe and convenient usage, high mechanical strength, high corrosion, acid, alkali, salt, oil, weathering and water resistance, and good antirust effect, and can be used as primer for transportation means, bridges, storage tanks, pipes and mechanical equipment.