The invention discloses a waterproof crack-resisting coating and a preparation method thereof, and relates to the field of coating materials. The waterproof crack-resisting coating is prepared from the following components in parts by weight: 40 to 80 parts of elastic emulsion, 15 to 20 parts of ZnO-CeO2 particles, 10 to 30 parts of Portland cement, 20 to 40 parts of quartz sand, 10 to 30 parts ofcomplexing agent, 10 to 30 parts of cellulose, 10 to 30 parts of water reducing agent, 3 to 5 parts of defoaming agent, 3 to 5 parts of dispersing agent, 3 to 5 parts of leveling agent and 3 to 5 parts of thickening agent. The waterproof crack-resisting coating provided by the invention has the advantages of excellent waterproof and crack resistance, scrubbing resistance, pulverization resistance, stain resistance, weather fastness, good aging resistance, storage stability, low cost, greenness and environment friendliness.