The invention discloses an aqueous elastic fluorocarbon building coating covering large cracks, and a preparation method and an application thereof. A raw material formula of the aqueous elastic fluorocarbon building coating comprises, by mass, 30.0-60.2% of an aqueous elastic fluorocarbon emulsion, 2.0-3.0% of hydroxyethyl cellulose, 7.0-14.0% of an inorganic pigment, 10.0-35.0% of a filler, 5.0-7.0% of a collagen fiber, 1.1-1.8% of a glass fiber short cut protofilament, 1.1-3.2% of a wetting dispersant, 0.4-1.2% of a multifunctional assistant, 0.3-0.5% of an antifoaming agent, 0.3-4.2% of a bactericide, 0.2-3.2% of a thickening agent, 0.8-1.2% of a film forming assistant, 1.6-7.0% of an antifreeze agent and 10.0-25.0% of water. The aqueous elastic fluorocarbon building coating can cover 4mm or more cracks of building walls, and is safe and environmentally friendly.