The invention relates to a coating having both luminous and fluorescent properties, and a preparation method thereof, and belongs to the technical field of luminous coatings. The coating comprises 1-3% of a carbon dot dioxide fluorescent material, 1-4.5% of an organic long-afterglow luminous material, 27-45% of a silicone-modified waterborne polyurethane emulsion, 18-36% of a pigment, 9-18% of a filler, 0.2-0.9% of a wetting dispersant, 0.2-0.9% of a defoaming agent, 0.1-0.45% of a leveling agent, 0.45-1.8% of a thickener, 1.0-3.0% of a film forming aid, and the balance of water. The components constituting the coating are reasonably selected and the use amounts of all the components are controlled to ensure that the finally prepared coating has an obvious luminous phenomenon and a good adhesion. The coating has both fluorescent and luminous properties, is non-polluting and nontoxic, and is environmentally friendly, so the coating has broad application prospects in the fields of anti-counterfeiting, decoration and public transportation. In addition, the preparation method has the advantages of simple process, easiness in operation, low raw material cost, and suitableness for enlarged production.