The invention discloses a heat insulation decorative waterproof paint, which is composed of the following raw materials in parts by weight: 78 to 80 parts of silicone acrylic emulsion, 0.5 to 1 part of tert-butyldiphenylchlorosilane, 1 to 2 parts of zinc fluoride, 1 to 2 parts of sodium diisooctyl succinate sulfonate, 2 to 3 parts of mannitol, 0.3 to 0.8 part of 2,2-dihydroxymethylpropionic acid, 1 to 2 parts of 1,2-dimethylimidazole, 0.8 to 1 part of coconut diethanolamide, 6 to 10 parts of fluorite powder, 6 to 8 parts of talcum powder, 0.2 to 0.3 parts of marigold essential oil, 2 to 4 parts of vinyl acetate, 5 to 7 parts of film-forming auxiliary agent, and 10 to 17 parts of deionized water. The waterproof paint has the heat insulation and decorative functions, has the advantages of good surface flatting property, penetration resistance, dampness resistance, and toxicity resistance, and is widely used for construction waterproofness of external wall of buildings, toilets, green roof, ground, basement, background tunnel, pool, and water channel.