The invention relates to the technical field of lost form casting and in particular to high-thermostability water-based paint containing nanometer wallastonite for lost foam casting and a manufacturing method of the water-based paint. According to the paint, high-alumina bauxite and violet lime stone powder with the different grain sizes are used as refractory aggregates, so that the permeability of a coating is good, the thermostability is better, and the high heat resistance and impact resistance are good; a nanometer wollastonite, aluminum-magnesium silicate and sodium carboxymethylcellulose mixed sizing agent is used as a suspending agent, so that the paint has the good suspension property and thixotropy, a polyethylene wax emulsion is dispersed into the coating, then the flatness of the surface of the coating can be improved, the sand prevention stickiness is improved, rapid melting is performed in the pouring process, and the permeability of the coating is further improved; and the obtained paint is good in stickiness, the coating strength is uniform, the permeability is good, the thermostability is good, the size is stable, molten metal is not polluted, stripping is easy after casting is finished, and the quality of castings is effectively improved.