The invention belongs to the technical field of coating, in particular to waterborne flame-retardant coating. The coating comprises a component A and a component B. With the total mass of the component A being 100%, the component A comprises 40%-60% of polycarbonate dispersion, 5%-10% of modified acrylic emulsion, 1%-2% of a wetting dispersant, 1%-2% of a defoamer, 0.5%-1% of a thickener, 5%-15% of an inorganic filler, 10%-20% of a dispersant, 0.5%-1% of bentonite, 2%-5% of a coalescing agent, and 0.5%-1% of a leveling agent, with the balance being water. The component B comprises hexamethylene diisocyanate. Through the combined action of the component A and the component B, a coating film formed by the waterborne flame-retardant coating has excellent flame-retardant and heat-insulating properties, has good adhesion on a base material, and can well delay material combustion; and meanwhile, when the flame-retardant coating is coated in a conventional wood product, furniture can obtain good flame retardance, and the product universality is relatively wide.