The invention discloses waterproof thermal insulation coating. The waterproof thermal insulation coating comprises the following components: styrene-acrylic emulsion, silicone acrylic emulsion, hollowglass bead, a filling material, a nanometer thermal insulation powder, aerogel, glycol, hydroxyethyl cellulose, multifunctional additive AMP-95, a coalescing agent, a thickener, an additive, thixotropic agent magnesium aluminum silicate, aluminum sulfide, 4-phenyl butyl methyl dichlorodimethylsilane and deionized water. A preparation method comprises the following steps: adding water, the glycoland additive, then sequentially adding the coalescing agent, coalescing agents nanometer thermal insulation powder, aerogel, hydroxyethyl cellulose, thixotropic agent magnesium aluminum silicate, aluminum sulfide and 4-phenyl butyl methyl dichlorodimethylsilane, and performing sanding after the materials are uniformly dispersed; adding the hollow glass bead, styrene-acrylic emulsion, silicone acrylic emulsion, coalescing agent and multifunctional additive AMP-95, and adding the thickener, so as to obtain the waterproof thermal insulation coating. The waterproof thermal insulation coating has the advantages that the emulsion, aluminum sulfide, 4-phenyl butyl methyl dichlorodimethylsilane and other materials are mixed, and the formed coating is excellent in waterproofness, thermal insulationand stability.