The invention discloses an aqueous flame-retardant and thermal-insulated coating and a preparation method thereof, relates to a building coating, and provides a building thermal-insulated coating integrating flame-retardant property, thermal-insulated property and decorative function. The coating consists of emulsion, a fire retardant, titanium, hollow glass beads, water and assistants, with the respective mass parts being 35-40, 20-30, 15-20, 5-10, 19-21 and 11-15. The coating uses fire retardants of inorganic type, phosphorus type and nitrogen type and utilizes synergistic action among different fire retardants to achieve the retardant effect with less amount and without influencing the physical properties of the coating layer; better thermal-insulated effect can be achieved when the thickness of the coating layer is about 1mm through obtaining thermal insulation property by reducing thermal conductivity, thermoconvection and thermal radiation through the glass beads; and the thermal-insulation and flame-retardant properties of the coating are reflected by that the heat conduction coefficient is not more than 0.090 w/(m.k), and the oxygen index is not less than 28.0 percent.