A process for preparing metallic water paint includes such steps as proportionally mixing deionized water, acrylate, potassium salt of acrylic copolymer, hydroxyethyl carboxylate cellulose, nano SiO2, metallic water flashing powder, organic silica oil, ZH-10 and anti-mildew bactericiding agent, stirring, proportionally adding BCS, propanediol, thicking agent, alkoxide 12 and pH regulator, and stirring. Its advantages are rich colors, strong metallic feeling, high weatherability, durability and resistance to pollution and brush, and no environmental pollution.