The invention relates to a water-based adhesive and a preparation method and applications thereof. The water-based adhesive comprises the following components in percentage by weight: 1-8% of acrylic acid or methacrylic acid, 5-20% of methyl methacrylate, 10-40% of acrylic ester, 0.5-5% of compounded emulsifier, 0.1-0.5% of initiator and 40-80% of deionized water. The preparation method comprises the following steps of: A. firstly dissolving the emulsifier in water, and then adding the acrylic acid or the methacrylic acid, the methyl methacrylate and the acrylic ester to the emulsifier solution for preemulsification; B. pouring 1/4-1/3 of the emulsified liquid in Step A in a reaction kettle, stirring and heating to 65-75 DEG C, adding the initiator solution, and reacting until the solution is transparent; and C. heating the solution in Step B for synthetic reaction, gradually dropping the remaining emulsified liquid to the reaction system, adding the remaining initiator solution after dropping, and adjusting the pH value. The adhesive is applied to MLCC capacitors and has the advantages of low cost, good performance and good environmental friendliness.