The invention provides a montmorillonite-based nano composite heat insulation coating and belongs to the technical field of heat insulation materials used in equipment or buildings. The coating comprises the following components in percentage by mass: 5 to 30 percent of montmorillonite, 15 to 30 percent of vinyl acetate/acrylic emulsion or styrene-acrylic emulsion, 30 to 50 percent of water, 5 to 10 percent of nano calcium carbonate, 2 to 6 percent of nano zinc oxide, 2 to 6 percent of nano titanium oxide, 0.01 to 0.1 percent of film-forming auxiliary, 0.1 to 2 percent of antifoaming agent, 0.1 to 2 percent of wetting dispersant, 0.5 to 2 percent of antifreezing agent and 0.1 to 2 percent of leveling agent. A method for preparing the coating comprises the following steps of: under the condition of low-speed stirring, stirring the water, the montmorillonite, the wetting dispersant and a half of the antifoaming agent at a high speed for 1 to 2 hours; adding the nano calcium carbonate, the nano zinc oxide and the nano titanium oxide into the mixture with stirring; stirring at a high speed for 3 hours; under the condition of low-speed stirring, slowly adding the emulsion dropwise and consequently adding the rest antifoaming agent, the film-forming auxiliary, the antifreezing agent and the leveling agent into the mixture; stirring for 3 to 4 hours at a low speed; and finally canning to obtain the finished product of the coating. The montmorillonite-based nano composite heat insulation coating has the advantages of good energy saving effect, stable performance, safe use and convenient application.