The invention provides water-base tape casting slurry and a water-base tape casting wet method for preparing a multilayer chip component. The water-base tape casting slurry comprises, by weight, from 40.0 to 50.0% of ceramic powder, from 5.0 to 10.0% of polyvinyl alcohol, from 0.2 to 1.2% of ammonium polyacrylate, from 0.4 to 2.4% of polyethylene glycol, from 0.1 to 0.5% of defoaming agent and from 30 to 48% of water. The water-base tape casting wet method includes preparing the water-base tape casting slurry; preparing a ceramic matrix; preparing a green chip of the multilayer chip component; and preparing the multilayer chip component. The water-base tape casting slurry is moderate in viscosity and short in drying time and is safe and nontoxic; the ceramic matrix prepared from the slurry is uniform in structure and smooth in surface; and the water-base tape casting wet method for preparing the multilayer chip component is simple in process and is safe, nontoxic, economical and environment-friendly, the prepared multilayer chip component is firm in structure, the thickness of the multilayer chip component can reach 20 micrometers, the inductance value of the multilayer chip component is high, yield of multilayer chip components reaches 90% at least, and production cost is lowered by 75% at least.