The present invention relates to waterborne environment-friendly elastic 
colored coating and a preparation method thereof, the 
coating is made from a 
pigment component, a dispersing medium and 
varnish, the 
pigment component includes water, 
cellulose, an 
emulsion, a dispersant, a 
pigment and filler, an anti-aging agent, a defoaming agent, a film-forming aid, an antifreezing agent, an inorganic protective gel solution, a pH 
regulator, a bactericide and a thickener, the dispersing medium includes water, a film-forming agent, a rheological agent, an 
emulsion, a defoaming agent, an inorganic protective gel solution and a 
coupling agent, and the 
varnish includes water, 
emulsion, a pH 
regulator, a bactericide, a defoaming agent, a film-forming aid, an antifreezing agent and a thickener; to prepare, the pig component, the dispersing medium and the 
varnish are prepared first respectively, the pigment component is then added into the dispersing medium, and the varnish is added after color spot granulating. Compared with the prior art, by cold blending and modifying technology of emulsion, the 
coating is imparted excellent elastic 
cracking resistance, good elastic elongation, good tensile strength and good low-temperature 
toughness, is safe and environment-friendly and has a promising market prospect.