The invention provides hydrophobic under-coating paint applied to a poor-polarity polyolefin film. The under-coating paint is prepared from the following components in parts by weight: 30-50 parts of soft monomers, 50-70 parts of hard monomers, 5-30 parts of vinyl monomers, vinyl monomer synthetic resin, vinyl monomer synthetic emulsion or polyethyleneimine, 1-10 parts of acidic functional monomers, 1-10 parts of cross-linking monomers, 2-6 parts of a reaction type emulsifying agent, 0.5-2 parts of an initiating agent, 0.1-1 part of lauryl mercaptan, 0.5-2 parts of an antifoaming agent, 0.5-2 parts of a wetting agent and 140-160 parts of deionized water by an emulsion polymerization method, wherein the vinyl monomers are vinyl acetate, vinyl ester of tertary carboxylic acids, butadiene, isoprene, vinyl chloride or vinylidene chloride, the vinyl monomer synthetic resin is chlorinated polyolefin resin, and the vinyl monomer polymerization emulsion is an EVA emulsion. The under-coating paint disclosed by the invention is low in cost, has favorable adhesive force to the polyolefin films, and can provide favorable ink-printing adaptability. The invention further provides a preparation method of the under-coating paint.