The invention relates to the technical field of waterborne coatings, in particular to a waterborne wood coating with zero VOC volatilization and a preparation method of the waterborne wood coating. The waterborne wood coating comprises a component A, a component B and water, wherein the component A comprises the following raw materials in parts by weight: starch, castor oil, emulsifiers, a preservative, a water-based defoamer, an aqueous catalyst and purified water, and the component B is water dispersible type modified polyisocyanate; the ratio in parts by weight of the component A to the component B to water is 1: (0.3-1): (0.3-1). The waterborne wood coating with the zero VOC volatilization disclosed by the invention takes the castor oil and starch as raw materials, thereby being natural and environment-friendly, free of toxicity and having good cold resistance, heat resistance, dryness resistance and humidity resistance, excellent adhesion and high impact resistance; furthermore, the method is low in input equipment cost, simple and convenient in process and easy to operate.