The invention discloses environment-friendly water-based acrylic acid modified alkyd protective paint used for spraying mechanical equipment, and a preparation method of the protective paint. The environment-friendly water-based acrylic acid modified alkyd protective paint used for spraying the mechanical equipment comprises the following components in parts by weight: 10-12 parts of water-based alkyd resin, 40-47 parts of acrylic emulsion,20-25 parts of water, 1.8-2.4 parts of a pH (potential of hydrogen) regulator, 0.3-0.6 parts of a dispersant, 0.1-0.15 parts of a defoaming agent, 4.0-5.0 parts of rutile titanium dioxide, 0.4-0.5 parts of carbon black, 5-8 parts of compound zinc phosphate, triphosphoric acid, barium sulfate, talcum powder, iron-titanium compound powder, an anti-settling agent, a film forming assistant, a flash-rust preventive, a base material wetting agent and a thickening agent. The protective paint has excellent chemical properties such as corrosion resistance and water resistance, and is high in drying rate, excellent in low-temperature film forming effect, high in plumpness and good in weather resistance.