The invention provides a reflective heat-insulation exterior wall coating and a preparation method thereof. The reflective heat-insulation exterior wall coating comprises, by mass, 9-15% of ceramic wastes, 10-13% of nanometer titanium dioxide, 3-7% of prefabricated fiber particles, 25-35% of a functional filler, 7-10% of a coating assistant, and the balance of a composite emulsion. Reasonable rawmaterial selection and prefabrication are carried out, so the performance exertion of the material is obviously improved, the synergistic effect is good, the heat dissipation conductivity is excellent, the reflectivity to sunlight is as high as 95%, the applicable wavelength range of reflection and radiation is wide, and the overall weather resistance and aging resistance are remarkably improved;and additionally, the coating is uniform and compact, the cross-linking reaction combination, the adhesive force and the stability between molecular structures are improved, the mechanical propertiesof the coating are greatly improved, the quality of the coating is good, the service life is effectively prolonged, and the cost performance is high.