The invention relates to a radiation heat dissipating coating and a preparation method thereof. The radiation heat dissipating coating is composed of the following components in parts by mass: 100 parts of solvent, 2-20 parts of graphene crystallites, 48-200 parts of epoxy resin, 0.5-5 parts of dispersing agent, 0.5-5 parts of antifoaming agent, 2-20 parts of curing agent, and 2-10 parts of auxiliary agent, wherein the auxiliary agent is one or a mixture of two of diatomaceous earth and white carbon black. The heat dissipating coating provided by the invention has extremely excellent thermal conductivity, and the physical and chemical properties of a film formed by solidifying of the coating, such as hardness, adhesion, salt spray resistance, acid and alkali resistance and water resistance, are good, the heat conduction efficiency of electronic components can be significantly improved, and the market prospects are broad.