The invention specifically relates to a multifunctional green environment-friendly waterborne energy-saving building coating and a preparation method thereof, belonging to the technical field of energy-saving building coatings. The multifunctional high-efficiency energy-saving building coating comprises, by weight, 25 to 50% of a high polymer emulsion, 5 to 30% of a light-reflection filling material, 1 to 5% of aerogel powder, 5 to 10% of a heat-insulation filling material, 5 to 15% of a common filling material, 1 to 2% of a surface modifier, 1 to 5% of a dispersing agent, 0.1 to 4% of a film-forming aid, 0.1 to 2% of a thickening agent, 0 to 1% of an antifoaming agent, 0.01 to 0.5% of a pH regulating agent, 0.1 to 2% of a wetting agent and 0.5 to 2% of an antifreezing agent, with the balance being deionized water. The coating provided by the invention has heat-insulation and cooling effect in summer and heat preservation effect in winter, is applicable to energy-saving reconstruction of buildings in tropical zones and subtropical zones, and has the characteristics of safety, no toxicity, environment friendliness and no pollution; moreover, the coating has good weatherability, contamination resistance, flexibility and scrubbing resistance.