The invention relates to a heat-dissipation coating with a phase-changing temperature adjusting function and a preparing method of the heat-dissipation coating. The heat-dissipation coating comprises phase-changing microcapsules, high thermal-radiation materials, epoxy resin and a curing agent, wherein the phase-changing microcapsules account for, by mass, 1%-10% of the epoxy resin, the high thermal-radiation materials account for, by mass, 3%-6% of epoxy resin, and the curing agent accounts for, by mass, 35%-45% of the epoxy resin. The heat-dissipation coating is constituted by the phase-changing microcapsules, the high thermal-radiation materials and epoxy resin, wherein the phase-changing microcapsules are large in latent heat of phase change, resistant to high temperature, environmentally friendly and free of pollution; meanwhile, silicon carbide, beryllium oxide, aluminum nitride and the like have the advantages of being high in thermal radiation capability and good in thermal conductivity, through the combination of both parties, the heat dissipation effect of the epoxy-resin-based heat-dissipation coating can be remarkably improved, and the internal temperature of coated equipment is lowered greatly.