The invention discloses a water-based automotive paint, and a preparation method and an application method thereof. The water-based automotive paint is prepared from water-based castor oil-modified alkyd resin, water-based acrylic resin, water-based color paste, amino resin A, amino resin B, a coalescing agent, deionized water, a dispersing agent, a wetting agent, a pH regulator, a defoamer, anti-settling pulp, a corrosion remover, a thickener, an adhesion promoter and a flatting agent. The preparation method refers to orderly adding the raw materials to evenly agitate. The application method comprises the following steps: evenly mixing and stirring the water-based automotive paint and water according to the ratio of 1:(0.1-0.3), and then spraying, placing, baking and solidifying, so as to obtain a stoving varnish coating. A solvent stoving varnish is replaced by using the water-based automotive paint disclosed by the invention; a complete coating, of which the adhesive force is 0 level, and the flexibility is 1mm, which is excellent in weather fastness, high in fullness, and vivid in color and luster, and has excellent protectiveness and decorative property can be formed on the metal surface; the water-based automotive paint is safe in production procedure, environment-friendly, simple, and environment-friendly and convenient in construction.