The invention belongs to the technical field of air purification, and relates to paint having a formaldehyde removing function and a preparation method thereof. The paint specifically comprises, by weight, 1-3.4 parts of a formaldehyde removing agent, 3-13 parts of a base material, 0.05-0.1 part of an antifoaming agent, 0.05-0.1 part of a levelling agent and 0.01-0.05 part of a pH conditioning agent. The formaldehyde removing agent comprises, by weight, 1-13 parts of polyvinylpyrrolidone, 1-10 parts of water-soluble polymeric compounds, 4-42 parts of chiral amino alcohol, 1-7 parts of titaniumoxide, 1-7 parts of stannic oxide, 1-7 parts of silicon dioxide, 2-6 parts of magnesium oxide, 1-13 parts of active carbon, 1-9 parts of a soluble weak acid salt and 500-800 parts of a solvent. The formaldehyde can be removed quickly, stably and efficiently by the paint, raw materials are cheap and easily available, technology is simple and easy, and the paint and the preparation method are suitable for large-scale promotion and application.