The invention discloses water-based paint for multifunctional fiber textile. The water-based paint is prepared from the following raw material components in parts by mass: 10 to 25 parts of water-based organic silicon resin, 1 to 30 parts of a polytetrafluoroethylene solution, 1 to 5 parts of organic silicone powder, 1 to 15 parts of a pigment, 1 to 5 parts of nano barium sulfate, 0.05 to 0.5 partof nano zinc oxide, 0.1 to 1 part of silica sol, 5 to 10 parts of a flame retardant, 2 to 15 parts of fluorescent powder and the like. Furthermore, the invention further provides a simple and feasible preparation method of the water-based paint for the multifunctional fiber textile. By adopting the formula and the method, disclosed by the invention, the prepared paint has adhesive force, flexibility, weather resistance and flame-retarding performance and has a suitable paint film thickness; meanwhile, the water-based paint also has the characteristics of no fluffiness, no fading and smooth hand feeling, and a plurality of effects of heat prevention, flame retarding, corrosion resistance, fluorescence warning, easiness for cleaning, bacterium inhibition and sterilization, environment protection and the like, so that the water-based paint has very strong market competitiveness.