The invention provides a gray solar reflective cooling coating and a preparation method of the gray solar reflective cooling coating. The coating adopts a water-based acrylic emulsion as film-forming base stock, so that the coating is good in ageing resistance, long in outside service life, nontoxic and environmentally-friendly, and has good stain resistance, alkali resistance and water resistance, and good adhesive force to base materials such as concrete, metal, wood and glass. The gray solar reflective cooling coating is prepared from complementary color pigment pairs with a strong near infrared reflection or transmission function, such as black and white, blue and orange, purple and yellow, red and blue and the like, and titanium dioxide as functional pigments, assisted by a plurality of body pigments and assistants; therefore, the gray solar reflective cooling coating is simple to prepare, low in cost and friendly to the environment. The gray solar reflective cooling coating has excellent near infrared reflection and heat insulation performances, has good cooling performance, and can be widely applied to decoration and energy conservation of roofs and outer walls of buildings, and the optical performance meets the latest national standard requirements.