The invention discloses a preparation method of solvent-free elastic metallic paint producing high thermal radiation. The preparation method comprises the following steps of 1, preparing an elastic weather-resistant resin, composite cellulose acetate butyrate slurry, and a yellowing-resistant elastic curing agent, 2, respectively preparing a component A comprising the elastic weather-resistant resin, a fluorocarbon resin, the composite cellulose acetate butyrate slurry, a wetting dispersant, an ultraviolet light absorber, a light stabilizer, a nano-titanium aldehyde powder, a directional alignment assistant, aluminum powder, a leveling agent and an active toughening agent, and a component B comprising the yellowing-resistant elastic curing agent and an HDI tripolymer, and 3, mixing the component A and the component B according to the ratio of 1: 1, and carrying out uniform dispersion to obtain the solvent-free elastic metallic paint. The solvent-free elastic metallic paint has characteristics of excellent elasticity, excellent stain resistance, high/low temperature deformation resistance, good color retention, good gloss retention, low-temperature film formation and environmental protection, has good heat-insulating properties and water resistance, can cover external wall tiny-cracks produced by deformation, and solves the problem that the existing metallic paint for an external wall crazes easily, has poor color retention and gloss retention, and poor high/low temperature deformation resistance.