The invention discloses a water-based steel drum coating, a preparation process and application, and the water-based steel drum coating at least comprises an acrylic emulsion, color paste, self-made epoxy phosphate, a wetting agent, amino resin, dipropylene glycol monomethyl ether, a flatting agent, deionized water and a closed water-based catalyst. After the water-based steel drum coating in the scheme forms films, the binding force between the films is better, the surface flatness is higher, the defects of bubbles, leveling and the like are avoided, a second layer of coating can be directly coated without baking after the coating is coated for the first time, the coating process is reduced, and meanwhile, the coating has higher wear resistance, steaming resistance and adhesive force after the coating forms the films, the surface of the steel drum can be effectively protected from being damaged.