The invention discloses a waterborne polyurethane coating for coated aluminum sheets and a preparation method of the waterborne polyurethane coating. The waterborne polyurethane coating comprises thefollowing components: 10-50 parts of water-soluble polyurethane resin, 5-40 parts of hot-melt resin, 2-30 parts of lubricating resin, 0.15-0.5 part of an adhesion promoter, 0.001-0.005 part of a PH regulator, 0.15-0.4 part of a defoaming agent, 0.06-0.3 part of a humectant and 20-80 parts of a solvent. The preparation method at least comprises the following steps: preparing a solvent according toan alcohol-water ratio of 8:2-3:7; sequentially stirring the water-soluble polyurethane resin with the hot-melt resin, the lubricating resin, the adhesion promoter, the PH regulator and the humectantin the solvent with a certain proportion until the materials are complete dissolved, slowly adding the defoaming agent, and continuing carrying out stirring for 30 minutes or more to prepare the waterborne polyurethane coating for the coated aluminum sheets. The waterborne polyurethane coating provided by the invention is applied to the coating of aluminum sheets, and the coating layers of aluminum sheets coated with the waterborne polyurethane coating provided by the invention have the effects of buffering, positioning, heat dissipation and lubrication, can solve the drilling processing problems of micro holes and dense holes, increase the hole-location accuracy, increase the drilling lamination number, improve the production capacity, avoid the quality problems such as hole plugging, film falling of the aluminum sheets, and the like, and has the advantages of good environmental resistance and convenient storage.