The invention discloses a coating with protection and color alteration functions. The coating is prepared from the following components in parts by weight: 150-200 parts of thermoplastic butadiene styrene rubber A, 50-100 parts of thermoplastic butadiene styrene rubber B, 300-400 parts of sec-butyl acetate, 300-400 parts of 120# solvent naphtha, 300-400 parts of xylene, 30-50 parts of C9 petroleum resin, 5-10 parts of antioxidant, 5-10 parts of ultraviolet light absorber, 3-10 parts of light stabilizer, 12-25 parts of fumed silica, 3-6 parts of defoaming agent and 0 or 15-32 parts of pigment. Compared with a chloroprene rubber strippable coating, the coating with protection and color alteration functions, disclosed by the invention, belongs to an environment-friendly coating and is greatly improved on the aspects of elasticity and toughness such as tensile strength, stretching strength, resilience coefficient, surface hardness, adhesive force and the like.