The invention discloses a building waterproof and heat-insulating coating for metal roofs and a preparation method of the building waterproof and heat-insulating coating. The building waterproof and heat-insulating coating is prepared by mixing the following two groups of components: first components: water, a first thickener, a first dispersant, a second dispersant, a wetting agent, a first defoamer, a second defoamer, multifunctional additives, a preservative, a mildew inhibitor, titanium dioxide, composite heat-insulating powder, filler and functional filler; second components: an antifreezing agent, film forming additives, an emulsifier, water, emulsion, a second thickener, a third thickener, a pH value regulator and tributyl phosphate, wherein the composite heat-insulating powder is acompound formed by mixing and dispersing rectorite powder and potassium hexatitanate whiskers and then performing surface modification. The preparation method comprises the following steps: firstly,pre-dispersing the first components to obtain slurry with a fineness of 40-80 microns, then adding the second components for paint mixing, and filtering to obtain a finished product. The building waterproof and heat-insulating coating provided by the invention has advantages of simple production process, low cost, easy construction, short construction period, water-based environmental protection,no toxicity and noninflammability, can be widely applied to water prevention and heat insulation of metal roofs.