The invention discloses an aqueous metal anticorrosive, rustproof and thermal insulation coating, which is prepared from the following raw materials: nanometer tungsten trioxide dispersion, ammonium carbonate, hollow glass microbeads, a silicone defoaming agent, iron oxide red, zinc phosphate , aluminum tripolyphosphate, silicon benzene emulsion, aluminum tripolyphosphate, mica powder, titanium dioxide, talc, an anionic wetting agent, a dispersant, a film forming aid, a thickener, an antifreeze agent, deionized water, a coupling agent, an anti-settling agent and a nonionic hydrophobically modified polyurethane block copolymer. The coating disclosed by the invention not only has good salt water resistance, acid resistance, alkali resistance, neutral salt spray resistance and high adhesion,but also has the advantages of good reflectivity, heat insulation, environmental protection, decoration, corrosion resistance and rust resistance properties.