The invention provides a water metallic paint and a preparation method thereof. The paint mainly comprises the components of 30-60wt% of acrylic resin, 4-15wt% of amine resin used for paints, 10-40wt% of pigment, 3-10wt% of stuffing, 0.5-5wt% of lacquer solvent, 0.5-3wt% of addition agent and 20-50wt% of water. The components are weighted according to mixture ratio, mixed according to certain charging sequence, and then subjected to the working procedures of dispersing, grinding and the like, thus obtaining the water metallic paint. The paint takes water as a solvent, is added with a small amount of lacquer solvent, is environment-friendly, and has the main advantages of simple production technology, low cost, good levelability, high adhesive attraction, high luster, resistance to yellowing, high solid content, low viscosity, good heat resistance and capability of being used for a long time at the temperature of 180 DEG C.