The invention discloses a water-soluble flame-retardant protective film, and belongs to the technical field of protective films. The protective film comprises the following components in parts by mass: 15-30 parts of polyvinyl alcohol, 0.5-3 part of methyl silicone oil, 0.1-2 part of a plasticizer, 0.1-2 part of an antioxidant, 2-8 parts of an emulsifier, 0.2-3 part of a thickening agent, 0.1-3 part of a water-based quick-drying agent, 1-5 parts of a water-based flame retardant, 0.3-3 part of span 60, and 40-80 parts of water. According to the invention, aiming at the problems of low protection efficiency, high cost, difficulty in stripping, generation of solid wastes, inflammability and the like of the traditional protection film, water is selected as a solvent, polyvinyl alcohol is selected as a protection film base material, additives such as an antioxidant, a plasticizer, an emulsifier, a thickener, a water-based quick-drying agent, a water-based flame retardant, span-60 and the like are used as auxiliary materials, mixing is performed in a mechanical stirring manner, the flame-retardant protective film is applied to the surfaces of protected materials such as workshop walls, equipment, pipelines, kitchens, instruments and the like in a brush coating or spray coating mode, can be peeled off from the surfaces after protection is completed and can also be quickly cleaned with cold water, no residue exists on the surfaces after cleaning, and particularly, and the protective film can achieve an effective flame-retardant effect due to addition of a water-based flame retardant.