The invention discloses a capacitor shell insulating coating which is prepared from cinnamyl aldehyde derivative modified waterborne acrylic acid emulsion, calcium carbonate, pentaerythritol, wood flour, rubber powder, talcum powder, pigments, glass fibers, soybean starch, lauryl sodium sulfate, zeolite powder, sodium stearate, lauroyl diethanolamide, rosin resin and deionized water. The preparedcapacitor shell insulating coating is nontoxic and environmentally friendly. After the insulating coating is sprayed on the surface of a capacitor shell, a coating film is high in hardness and strength, good in abrasion resistance, weather resistance and ageing resistance, tough and tensile and high in flexibility, and the insulating performance of the coating film can be greatly improved withoutreduction of mechanical properties of the coating film.