The invention discloses a dark-color reflective and heat insulation varnish and a preparation method thereof, relating to the field of coatings. The dark-color reflective and heat insulation varnish comprises the following components in parts by weight: 320-380 parts of an elastic emulsion, 40-80 parts of a fluorocarbon emulsion, 220-270 parts of filler, 4-6 parts of a dispersing agent, 3-5 parts of a defoaming agent, 5-10 parts of a film-forming additive, 3-5 parts of a flatting agent, 5-8 parts of a thickening agent, 2 parts of a mildew-proof and alga-proof agent, 2 parts of a bactericide, 3-5 parts of a wetting agent and 200-250 parts of deionized water. The varnish belongs to an environment-friendly coating, not only is high in reflection coefficient and radiation coefficient, free of grinding and good in decoration property, but also does not contain APEO and cannot generate hazards to the environment and human health.