The invention discloses dip-coating water-based paint for a transmission shaft and a preparation method thereof and relates to the technical field of metal water-based paint. The dip-coating water-based paint is prepared from the following raw materials in parts by weight: 20 to 40 parts of waterborne acrylic modified epoxy resin and epoxy modified acrylic resin, 0.3 to 3 parts of a drier, 0.4 to 1.5 parts of a pH (Potential of Hydrogen) regulator, 0.6 to 1.5 parts of a dispersant, 0.3 to 0.5 part of a de-foaming agent, 0.05 to 3 parts of carbon black, 0.01 to 1 part of graphene oxide, 4 to 12 parts of iron oxide black, 2 to 20 parts of antirust pigment, 3 to 8 parts of talcum powder, 0.5 to 8 parts of heavy calcium carbonate, 3 to 8 parts of barium sulfate, 0.05 to 0.15 part of an anti-sedimentation agent, 2 to 3 parts of a film forming auxiliary agent, 0.1 to 0.5 part of a wetting agent, 0.1 to 0.5 part of a leveling agent, 0.1 to 0.5 part of a flash-rust resisting agent, 0.1 to 1.2 parts of a thickener and 10 to 28 parts of water. The water-based paint has the advantages of easiness of improving a film thickness, high rigidity, good wear-resisting and corrosion-preventing effects, capability of being rapidly dried at room temperature and extremely low VOC (Volatile Organic Compounds) content.