The invention provides photochromic ink-jet printable water-based fluorescent ink and a preparation method thereof. The preparation method comprises the following steps: step 1, dissolving lanthanidemetal chloride and trimesic acid in a mixed solution of N,N-dimethyl formamide and deionized water, carrying out hydro-thermal treatment for 12-24 hours at the temperature of 80-120 DEG C, then cooling to the room temperature, separating, precipitating, and drying to obtain a lanthanide metal organic framework; step 2, activating the lanthanide metal organic framework in methanol, and grinding theactivated lanthanide metal organic framework and 1-(2-hydroxyethyl)-3,3-dimethyl indole-6-nitrobenzopyran in a nitrogen atmosphere to obtain a compound; and step 3, dispersing the compound in deionized water and absolute ethyl alcohol, adding a sodium dodecyl sulfate solution with a mass fraction of 10% to 12%, carrying out ball milling to obtain a second dispersion liquid, finally adding a polyvinyl alcohol or polyethylene glycol aqueous solution with a mass fraction of 3% to 5%, and uniformly mixing to obtain the photochromic ink-jet printing water-based fluorescent ink.