The invention relates to shading water-based ink which is prepared from the following components in percentage by mass: 28 to 35 percent of waterborne polyurethane resin, 3 to 8 percent of chain extender, 0.2 to 1.5 percent of salt-forming agent, 5 to 15 percent of pigment, 1 to 10 percent of filler, 2 to 11 percent of solvent, 0.5 to 5 percent of additive and 25 to 40 percent of water, wherein the auxiliaries comprise an emulsifier, a flatting agent, a defoaming agent and an antioxidant. According to the invention, through the ratio of the solvent to the resin, the partial problem that the water-based ink is applied to a flexible circuit of a keyboard is solved, especially the problem that the water-based ink is easy to dry in silk-screen printing is solved. Optimization of the preparation process improves the stability of the ink, and gives full play to the covering power of the pigment. Under the condition of low-temperature baking, the water-based ink disclosed by the invention is good in water resistance, stacking anti-sticking test, salt mist resistance, high-temperature and low-temperature test and the like.