The invention belongs to the field of coatings, and relates to a water-based environment-friendly coating capable of removing formaldehyde. For each 100 parts of coating, the coating comprises 10 to 50 parts of a formaldehyde-removing water-based polyurethane emulsion; 10-30 parts of water-based acrylic resin, 5-8 parts of titanium dioxide, 3-5 parts of talcum powder, 0.1-0.5 part of a dispersingagent, 2-5 parts of a coalescing agent, 0.1-1 part of a rheological agent, 0.1-0.3 part of a defoaming agent, 0.1-1 part of a thickening agent, 0.1-0.5 part of a preservative, 0.5-2 parts of a silanecoupling agent and the balance being deionized water. The water-based coating has the beneficial effects that the main component of the formaldehyde-removing water-based coating is the formaldehyde-removing water-based polyurethane emulsion, and active groups capable of reacting with formaldehyde are introduced into the water-based polyurethane resin through chemical reactions. Meanwhile, due to the addition of a neutralizer, the polymer emulsion is weakly alkaline, so that active groups of imidazole derivatives can efficiently react with formaldehyde, and the generation of formaldehyde can beinhibited in the whole reaction process.