The invention discloses a water-based wood coating with antibacterial, anti-fouling, mosquito-repellent and insect-repellent effects, and preparation method thereof. The water-based wood coating comprises, by weight, 24-30 parts of water-based polyacrylate, 7-12 parts of water-based polyurethane, 1.5-2.5 parts of water-based fluorocarbon resin, 0.5-0.8 part of a cosolvent, 3-6 parts of deionized water, 1.0-2.5 parts of silicone oil, 0.1-0.3 part of nanometer zinc oxide, 0.6-1.0 part of multiply modified nanometer titanium dioxide, 0.05-0.15 part of a surfactant and 0.6-1.8 parts of anhydrous ethanol. The water-based wood coating of the invention has good antibacterial, anti-fouling, anti-insect and mosquito-repellent effects; and a paint film formed by the coating also has good adhesion, toughness, water resistance, wear resistance, weather resistance and the like.