The invention discloses a heat insulation waterproof waterborne coating which comprises the following compositions in percentage by weight: 40-48wt% of film forming emulsion, 41-54 wt% of pigment filler, 2.77-8 wt%of additive and the balance of clear water, wherein the film forming emulsion is ethylene-vinyl acetate copolymer EVA and acrylic copolymer emulsion, the pigment filler is one or multiple kinds of titanium dioxide, mica powder, heavy calcium powder, light calcium powder, talcum powder, kaolin, phosphatic powder and hollow tiny glass powder or all of the substances, and the additive is one or multiple kinds of dispersant, lubricant, flow agent, defoamer, plasticizer, antifreeze and preservative or all of the substances which are usually used by technicians of the field. The coating has the advantages of excellent heat insulation and waterproof performance, favorable environmental protection, difficult pulverization, fast drying and simple and convenient construction.