The invention discloses elastic odor removing total effect latex paint, which comprises the following components: elastic latex, nano-antifoulant, nano-odor removing agent, negative ion material, titanium dioxide, stuffing, deionized water, antifoaming agent, dispersant, pH conditioning agent, film forming additive, antiseptic, anti-mildew agent and rheological thickener, and the invention also discloses the preparation method of the elastic odor removing total effect latex paint. The elastic odor removing total effect latex paint is a novel latex paint integrated with multi-function, which has the advantages that the stain resistance is excellent, the latex paint is easy to be cleaned because the latex paint has the hydrophobic effect similar to a lotus leaf, the negative ion can be released in a long term, the harmful gas can be dispelled, and the odor is fragrant, the latex paint is provided with elasticity, the line crack can be covered, the water leakage resistance and the adhesive force are strong, the latex paint is anti-scrubbing, the adhesive force is strong, and the hand feeling is exquisite and sleeky; the latex paint is an environment protective product of zero VOC and no odor; the construction is convenient; the preparation method is simple, and the latex paint is easy to be produced in large scale.