The invention discloses a poly-heterocyclic ring based acrylate monomer modified waterborne hydroxy acrylic dispersion and a preparation method thereof. The dispersion comprises, by weight, 20-50 parts of solvents, 5-10 parts of poly-heterocyclic ring based acrylate monomers, 50-70 parts of acrylic alkyl ester, 25-30 parts of acrylic functional monomers, 1-3 parts of chain transfer agents, 2-4 parts of initiators, 1-3 parts of anion exchange reactive emulsifiers, 2-4 parts of initiators, 100-120 parts of deionized water, 0.1-0.5 part of defoaming agents, 0.2-0.6 part of leveling agents and 0.3-0.8 part of wetting agents. The glossiness of a film is higher than 97 degrees, the hardness of the film reaches up to 2H, the film is strong in impact resistance, excellent in flexibility and adhesive force, and the dispersion has prominent chemical corrosion resistance such as acid resistance, alkali resistance and water resistance, meets natural zero-VOC (volatile organic compounds) paint standards, is environmentally friendly, non-toxic and free from pollution and can be used for waterborne wood paint, waterborne industrial paint and waterborne floor paint.