The invention discloses an intumescent flame-retardant coating for cables and a preparation method of the intumescent flame-retardant coating. The intumescent flame-retardant coating for cables comprises the following raw materials: a component A including a base material, namely, 20.0-25.0 parts by weight of silicone acrylic emulsion; a component B including an acid source, namely, 25.0-27.5 parts by weight of ammonium polyphosphate, a carbonizing agent, namely, 15.0-16.5 parts by weight of pentaerythritol, a foaming agent, namely, 15.0-16.5 parts by weight of melamine, and auxiliaries, namely, 3.0-5.0 parts by weight of expandable graphite, 6.0-8.0 parts by weight of phthalocyanine and 12.0-16.0 parts by weight of silane coupling agent modified Fe2O3; and a component C including 4.0-6.0 parts by weight of a curing agent. The preparation method of theintumescent flame-retardant coating for cables comprises the steps of a, preparing silane coupling agent modified Fe2O3; b, uniformly mixing silane coupling agent modified Fe2O3, expandable graphite, phthalocyanine, ammonium polyphosphate, pentaerythritol and melamine to obtain a component B; c, adding the component B into the component A, uniformly stirring to obtain a component A and component B mixture, and sealing; d, sealing the component C; and e, mixing the mixture of the component A and the component B with the component C during use to obtain the intumescent flame-retardant coating for cables.