The invention discloses heat-conducting, flame-retarding and explosion-proof paint for a lamp tube of an emergency lamp. The heat-conducting, flame-retarding and explosion-proof paint is prepared from the following raw materials in parts by weight: 4 to 8 parts of decabromodiphenyl ethane, 4 to 6 parts of aluminum hydroxide, 3 to 5 parts of white carbon black, 8 to 10 parts of crystal whiskers, 0.5 to 1.5 parts of graphene, 20 to 30 parts of epoxy resin, 4 to 6 parts of a coupling agent, 15 to 25 parts of vinyl silicone oil, 5 to 7 parts of silicon carbide micro-particles, 4 to 6 parts of gamma-aluminum oxide, 10 to 20 parts of liquid rubber, 4 to 6 parts of rare-earth oxide, 5 to 15 parts of a processing auxiliary agent and 25 to 35 parts of a solvent. The heat-conducting, flame-retarding and explosion-proof paint disclosed by the invention has relatively good thermal conductivity, relatively high light transmittance, good flame-retarding property and chemical stability; the paint can be coated on the surface of the lamp tube of the emergency lamp and one layer of protection film is formed after the paint is cured, so that the light emitting efficiency of the lamp tube and the heat dissipation requirements can be ensured and a glass lamp shell is prevented from falling off or bursting at high temperature; meanwhile, a preparation method provided by the invention has the advantages that the cost of the materials is relatively low, the raw materials are easy to obtain and a process is simple, so that the preparation method has relatively high application value and a good application prospect.