The invention discloses cigarette tipping paper water-based ink and a preparation method, belonging to the technical field of water-based ink. The water-based ink is characterized by consisting of the following raw materials in parts by weight: 50-60 parts of water-based emulsion resin oil, 10-20 parts of iron oxide pigment, 10-20 parts of de-ionized water and 0.5-1.0 part of one or more of auxiliary agents of defoaming agent, anti-sedimentation agent, leveling agent, wetting agent, antibacterial agent, wetting dispersant and surface tension agent. The cigarette tipping paper water-based ink has the advantages of small fineness, high drying speed, high consistency, low viscosity, good dispersion stability, no setting precipitate, no agglomeration, no toxicity, no residual peculiar smell, good wet leveling property, good color development, no brittle fracture at a low temperature, no edge folding during drying, good water resistance, full and clear print, stable color, smooth and glossy surface, good storage stability and wide application range to printing raw paper and printing speed; and the cigarette tipping paper water-based ink can be produced by the method.