The invention discloses an inorganic polymer resin. The inorganic polymer resin comprises, by weight, 50-60 parts of potassium silicate, 10-15 parts of water glass, 10-20 parts of a silane coupling agent, 3-5 parts of magnesium lithium silicate, 3-8 parts of potassium tripolyphosphate, 8-15 parts of aminoacrylic acid and 0.2-0.8 part of trimethylolpropane. The preparation method of a water-based coating comprises the following steps: S1, preparing the inorganic polymer resin; and S2, mixing 20-30 parts of the inorganic polymer resin prepared in step S1 with the following components according to a certain ratio: cellulose, a dispersing agent, a wetting agent, rutile titanium dioxide, calcium carbonate, kaolin, a silicone acrylic emulsion, an antifoaming agent, a thickener, a leveling agentand water. Potassium silicate is used as a main component, the silane coupling agent is adopted as an activator, and through a mutual reaction, the single potassium silicate can be mutually combined to form the aggregate having a chain structure, and the molecular weight can achieve 7000-10000, so the coating has the characteristics of excellent physical properties, high alkali resistance and dewformation resistance, and can be widely used in building interior walls.