The invention discloses a waterborne polyurethane matt top coating and a preparation method of the waterborne polyurethane matt top coating, the waterborne polyurethane matt top coating comprises thefollowing material components by weight: 35-45 parts of a waterborne hydroxy acrylic resin emulsion, 5-15 parts of a curing agent, 5-10 parts of an environmental protection cosolvent, 0.1-0.5 part ofa neutralizer, 0.1-0.5 part of a defoamer, 1-5 parts of a dispersing agent, 25-35 parts of a pigment and a filler, 0.5-1 part of a base material wetting agent, 1-5 parts of a thickener, 0.5-1 part ofan anti-settling agent, 0.5-2.5 parts of an organic matting agent, and 10-20 parts of deionized water. The provided waterborne polyurethane matt top coating reaches the performance requirement of a high-gloss paint film of the same system, is excellent in water tolerance, acid and alkaline resistance, ageing resistance and wear-resisting property, is low in VOC (Volatile Organic Compounds) content, is safe and environmentally friendly, has a higher practical value, is suitable for the metal surfaces requiring low gloss, and has a broad application prospect and a development potential.