The invention discloses a UV curable water-based polyurethane adhesive, which is prepared from, by weight, 1-10 parts of polyoxypropylene glycol, 1-10 parts of polypropylene oxide glycol, 5-10 parts of isophorone diisocyanate, 0.5-2 parts of dibutyltin dilaurate, 2-5 parts of 2,2-bis(hydroxymethyl)propionic acid, 2-5 parts of 2-hydroxyethyl acrylate, 0.01-0.2 part of 4-methoxyphenol, 2-5 parts ofpoly(2,2-dimethyltrimethylene carbonate), 1-5 parts of triethylamine, 1-5 parts of KH560, 2-7 parts of nano-magnesium hydroxide, 15-20 parts of absolute ethyl alcohol, 1-5 parts of TPO-L photoinitiator, 1-5 parts of glycerolatedimethacrylate, 1-5 parts of hexanediyl bisacrylate, 1-5 parts of Terpene resin and 20-50 parts of deionized water. The invention further discloses a preparation method of the UV curable water-based polyurethane adhesive. The adhesive, applied to the field of textile, can bring excellent flame retardance and mechanical performance to textile products, and has the advantages of short curing time, good solvent resistance, high bonding strength and being green and environmentally friendly.