The invention relates to a waterborne multicolor architectural coating with super resistance to wipe and resistance to stains. The coating is prepared from a super rheological additive solution, a disperse phase and a continuous phase in a mass ratio being (320-330):(330-340):(350-395), wherein the mass concentration of the super rheological additive solution is 5.0%; the continuous phase containscontinuous phase emulsion, a coalescing agent, a bactericide, a multifunctional additive, a defoamer, an antifreezing agent, alkyl polyglucoside, an ultraviolet absorber and deionized water; the disperse phase contains disperse phase emulsion, hydroxyethyl cellulose, keratin, inorganic pigment, water-based color paste, cover packing, a dispersant, the defoamer, the multifunctional additive, the coalescing agent, the antifreezing agent, a thickener, a stabilizer, the super rheological additive solution with mass concentration being 5.0%, the bactericide and the deionized water; pH of the coating is 8.0-9.5. The invention further relates to a preparation method of the waterborne multicolor architectural coating.