The invention provides a preparation method of flame-retardant antibacterial water-based coating. The content of a plant extract is 0.1-5%; and the plant extract is one or more of a wormwood extract,a Sarcandra glabra extract, a lavender extract, a valerian extract and a seaweed extract, or one or more of quercetin, salicylic acid, emodin, menthol, menthone, hyperoside, fumaric acid, linalool, caffeic acid, calcium alginate and sodium alginate, and slows the coating to have a plant natural antibacterial effect. A preparation process of the coating also comprises the following steps: preparinga film-forming substance, preparing color paste, preparing a diatomite porous material, preparing a functional modifier containing the plant extract, and preparing the water-based coating. Through the preparation process, the flame retardant property of the coating and the mechanical strength of a coating film are improved at the same time, and the application field of the coating is widened.