The invention relates to a water-borne architectural color coating with a light reflection function. The water-borne architectural color coating is characterized by comprising the following components: elastic acrylic latex, rutile titanium dioxide, crystal form infrared reflection titanium dioxide, white carbon black, a hollow microsphere emulsion, mica powder, kaolin, talc, calcium carbonate, a dispersing agent, a wetting agent, an antifoaming agent, an anticorrosive agent, a mould inhibitor, a pH regulator, a coalescing agent, an antifreezing agent, a thickener, a leveling agent, an organic pigment and an inorganic pigment, wherein the hollow microsphere emulsion adopts a modified acrylate organic polymer as the sphere wall and is hollow inside. The water-borne architectural color coating with the light reflection function is used for coating an external wall of a building, can effectively reduce the surface temperature of the building so as to save air conditioning energy consumption, and can be used in areas with hot summer; a product can meet the requirement of customers for different colors, the energy-saving effect is obvious, energy saving and attractiveness are realized, and the water-borne architectural color coating has outstanding essence characteristics and significant progress compared with the coating only adopting white color or other light colors in the prior art.