The invention relates to a sintering-strippable low-cost red water-based cast iron coating, which is prepared by the following raw materials in percent by mass: 20-45 percent of bauxite powder or powder quartz, 0-25 percent of mullite powder, 1-6 percent of talcum powder, 1-5 percent of iron trioxide powder, 1-3 percent of suspending agent, 1.5-4.5 percent of organic binding agent, 1.5-6 percent of inorganic binding agent, 0.01-0.05 percent of wetting agent, 0.02-0.05 percent of preservative, 0.02-0.1 percent of defoaming agent, 0-0.5 percent of water reducing agent and 30-42 percent of tap water. The sintering-strippable low-cost red water-based cast iron coating has the characteristics that the raw materials are cheap and the source is wide; the product is low-cost, safe, environmental-friendly and convenient to transport; the brushing property, the flowing resistance and the leveling property of the product are good, the suspension percentage, the coating strength and the crack resistance are high and the gas evolution is low; and the sintering-stripping performance is excellent, the most part of the coating can be vastly stripped after castings are taken out of a casting box and are cooled, the defects of sand sticking, sand inclusion, sand drop, voids and the like existing the castings can be effectively avoided, and the castings with excellent surface quality can be obtained.