The invention provides water-based dry method foaming raincoat leather and a preparation method thereof. A water-based thickening agent, a defoaming agent, a flatting agent and other preparations are added into waterborne polyurethane resin, slurry on the surface layer, the middle layer, and the foaming layer and the bottom layer of waterborne polyurethane resin slurry is prepared through mixing and vacuum defoaming; through a dry method film moving processing method, release paper is firstly coated with the surface layer, the surface layer is coated with the middle layer after being dried and cooled, the middle layer is coated with the foaming layer after being dried and cooled, and the foaming layer is coated with the bottom layer after being dried and cooled; after low-temperature drying, base cloth is attached at high temperature, drying, curing and cooling are carried out, the release paper is stripped, split rolling and surface aftertreatment are carried out, and the water-based dry method foaming raincoat is obtained. The obtained water-based dry method foaming raincoat has good washing and water pressure resistance, and the water pressure resistance is still 10,000 MPa or above after washing; the water-based dry method foaming raincoat leather is soft in hand feeling, resistant to wrinkles, high in real leather sense, good in breathability and high in washing and water pressure resistance and completely meets the needs of the market for raincoat leather.