The invention relates to heat insulation and heat preservation exterior wall paint and a preparing method. The heat insulation and heat preservation exterior wall paint is prepared from, by weight, 28 parts of water, 1.1 parts of dispersant, 0.51 part of humectant, 2.3 parts of ethylene glycol, 1.2 parts of coalescing agents, 1.4 parts of nanometer Al2O3, 19 parts of rutile titanium dioxide, 20.3 parts of talcum powder, 15 parts of modifier, 12.1 parts of light calcium carbonate, 0.6 part of defoamer and 3.8 parts of thickener. The heat insulation and heat preservation exterior wall paint can be used for painting exterior walls of buildings such as residences, hotels, schools, institutions, dormitories and apartments, has the advantages of being simple for construction, waterproof, free of pollution, toxins and smells, good in heat insulation effect and the like, and has the advantages of being high in adhesive force, good in heat preservation and heat insulation, high in stain resistance, resistant to scrubbing, waterproof, high in corrosion resistance and whether resistance, long in service life and the like.