The invention relates to multicolor paint and a preparation method thereof. The multicolor paint is formed by mixing multicolor base paint, a multicolor continuous phase and glue. The multicolor basepaint comprises the following components in parts by weight: 202 parts of water, 1.2 part of a 5040 dispersing agent, 1 part of a 148 deforaming agent, 3.2 parts of Clariant cellulose (30000), 0.8 part of a GR-595 multifunctional auxiliary agent, 50 parts of 4000 kaolin, 2 parts of titanium dioxide, 100 parts of a 2788 emulsion, 10 parts of a 3799 emulsion, 0.6 part of a 148 deforaming agent, 5.4parts of a coalescing agent, 2 parts of ethylene glycol, 0.8 part of a PT-86 bactericide, 1 part of a 131T10SA bactericide, 1 part of a 131T10SB bactericide, 1.4 parts of a 399 wetting agent, 0.05 part of a 3220 flatting agent and 18.8 parts of a GTS adhesive. The invention can effectively solve the following problems: existing water-in-water multicolor paint is poor in water resistance due to useof a large amount of thickener for improving viscosity and is easily whitened in wet rainy seasons or regions, so that appearance is seriously affected and more materials are consumed; and meanwhile,color points are thick, the number of the color points is small, the spraying area is reduced, the spraying effect is not natural enough, and cost is high.