The invention discloses a reflective and heat-insulation coating for buildings and a preparation method thereof. The reflective and heat-insulation coating for buildings consists of two parts including prime coating and surface coating, wherein the prime coating comprises the following components in percentage by weight: 30-45% of film formation emulsion, 30-40% of hollow microspheres, 5-10% of filler, 0.5-2% of a wetting dispersant, 0.2-0.5% of a defoaming agent, 0.5-2% of a coalescing agent and 2-10% of deionized water; the surface coating comprises the following components in percentage by weight: 30-40% of film formation emulsion, 15-25% of rutile type titanium dioxide, 15-30% of filler, 0.5-2% of a wetting dispersant, 0.2-0.5% of a defoaming agent, 0.5-2% of a coalescing agent and 10-20% of deionized water. According to the reflective and heat-insulation coating for buildings and the preparation method thereof, the prime coating has excellent heat insulation effect, the surface coating has higher sunlight reflectivity, and if the prime coating and the surface coating are combined to be used, the temperature of a coated surface can be remarkably reduced; the reflective and heat-insulation coating has excellent weather, water and stain resistances.