The invention relates to a water-based expandable fireproof steel structure coating and a preparation method thereof. The water-based expandable fireproof steel structure coating comprises the following components in mass percentage: 20-45% of coating matrix, 25-45% of nano-flame retardant, 0.1-10% of flame-retardant synergist, 1-10% of filler, 0.2-5% of auxiliary agent and 5-30% of water. The preparation method of the water-based expandable fireproof steel structure coating comprises the following steps: firstly, preparing the nano-flame retardant; secondly, adding a water-based epoxy emulsion, a water-based epoxy curing agent and a self-crosslinking silicone acrylic emulsion in the coating matrix into a stirring barrel, and stirring uniformly; thirdly, adding the nano-flame retardant, the flame-retardant synergist, the filler, the auxiliary agent and water, stirring for 10-30 minutes, adding a mixture into a ball grinding mil, grinding, checking whether the fineness of the coating meets a requirement, and if so, stopping grinding; fourthly, filtering the mixture with a filter screen, and separating grinding balls from the coating; and finally, filling the coating into a specified jar, discharging and barreling. The water-based expandable fireproof steel structure coating has a high expansion rate, has the fire endurance as long as 120 minutes and the coating thickens of 2 mm; and the water-based expandable fireproof steel structure coating is simple in preparation method, disposes solid wastes in the field of biomass power generation, is low in cost and wide in application and has significant economic and social benefits.