A water-basedsoft printing ink comprises the following compositions: 30 to 35 percent of pigment, 25 to 32 percent of acrylic resin, 0.2 to 0.5 percent of antifoaming agent, 2 to 5 percent of ethylene glycol monomethyl ether, 1.0 to 2.5 percent of wax slurry, 0.9 to 1.5 percent of leveling agent, and 23 to 30 percent of water. A preparation method comprises the three working procedures of colored slurry grinding, aquosity treatment and printing ink preparation in turn. The water-basedsoft printing ink has novel compositions, scientific blending, simple preparation, lower cost, fine ink quality, mellow brightness, high color saturation, brilliant color, high drying speed, grid point superimposition and overprinting, good water solubility, easy cleaning, corrosiveness free on printing rollers, low viscosity, high color content, good penetrability and printing adaptability, suitability for multicolor machine high-speed printing, high abrasion resistance, difficult decolorization, wide color range, closeness to a normal color sample, and consistency to the requirements on top-grade printing; and the printing ink also meets EU ROHS standards, and facilitates safe production and environmental protection with low air pollution and without any noxious solvent residual.