The invention discloses an aqueous blackboard paint which solves the problem of solvent release of existing solvent type blackboard paints. The aqueous blackboard paint comprises the following components in parts by mass: 260 parts of water, 1 part of dispersant, 1.5 parts of a wetting agent, 200 parts of emulsion, 1 part of a defoamer, 200 parts of pigment, 120 parts of filler, 15 parts of coalescing agents and 3 parts of thickener. The preparation method comprises the following steps of: during preparation, adding water into a reaction kettle, adding the wetting agent, the dispersant and the defoamer at 100-300 r/m, and stirring for 30-40 minutes; adding the pigment and filler under stirring, and dispersing for 1-1.5 hours at 500-800 r/m; then, adding the emulsion, and stirring for 30 minutes at 800-1000 r/min; pumping the materials to a grinding miller, and grinding the materials till the fineness is below 45 microns; and pumping the grinded materials to a proportioning kettle, adding the coalescing agents, the defoamer and the thickener, and adjusting the viscosity to discharge and package so as to obtain a finished product. According to the paint provided by the invention, various film forming matters in different performances are adopted to compound and modify, so that demands of the blackboard paint such as high hardness, scrubbing resistance, wear resistance and color residual prevention are satisfied.