The invention relates to a building material, and in particular relates to an exterior wall color surface decoration mortar and a preparation method thereof. The exterior wall color surface decoration mortar comprises the following raw materials by weight: 20%-30% of white cement, 50%-60% of quartz sand, 0.1%-0.5% of chopped fiber, 10%-20% of heavy calcium carbonate, 0.2%-1% of latex powder, 0.3%-0.5% of cellulose ether, 1%-5% of an inorganic pigment, 0.2%-0.4% of a water repellent, 5%-10% of coal powder ash, 0.1%-0.15% of a defoaming agent, 1%-3% of metakaolin, 0.2%-0.5% of a thixotropic lubricant and 1%-2% of a water reducing agent. The exterior wall color surface decoration mortar has the advantages of crack resistance, weather resistance, good ultraviolet resistance, permanent and uniform color, good whiskering resistance, and the like, can be well combined with various inorganic base layer materials, is good in coating density, and can be widely used in the building fields such as exterior wall decoration and the like.