The invention discloses a water-based cold-
pigment multifunctional heat-insulating true stone paint for an exterior wall and a preparation method thereof. The water-based cold-
pigment multifunctional heat-insulating true stone paint is prepared by mixing water, auxiliary agents, a 
synthetic resin emulsion, pigments and fillers and natural colorized sand. The preparation method comprises the following steps: firstly, adding water, 
fiber, a defoaming agent, glycol, a film-forming auxiliary agent and an multifunctional auxiliary agent into a dispersing tank; secondly, adding a 
styrene-acrylic 
emulsion; thirdly, sequentially adding a cold 
pigment, hollow glass microspheres, hollow 
ceramic microspheres, 
rutile titanium dioxide, ultrafine talcum 
powder and 
infrared ceramic powder; fourthly, slowly adding 
quartz sand; and finally, adding a sterilizing agent, the defoaming agent and a 
thickening agent and stirring uniformly. By adding the cold pigment, the hollow glass microspheres and other pigments and fillers, the water-based true stone paint for the exterior wall is endowed with three heat-insulating effects, namely blocking heat insulation, reflective heat insulation and radiative heat insulation; by selecting the water-based 
synthetic resin emulsion and the water-based paint auxiliary agents, the true stone paint is water-based and environment-friendly; natural 
quartz sand with different 
fineness and different colors is used as aggregate, so that the true stone paint has a vivid effect for imitating 
natural stone, marble and granite, and is rich in paint film color and gorgeous in appearance.