The invention relates to an industrial coating, in particular to a water-based industrial insulation coating with light reflection, heat insulation and corrosion protection effects and a preparation method thereof. The coating is prepared from the following components in percentage by weight: 25 percent to 50 percent of polymer emulsion, 5 percent to 30 percent of light reflective filler, 1 percent to 5 percent of nanofiller, 5 percent to 10 percent of heat-insulating filler, 5 percent to 10 percent of anti-corrosion filler, 5 percent to 8 percent of normal filler, 0 percent to 10 percent of curing agent, 1 percent to 5 percent of dispersing agent, 0.1 percent to 4 percent of coalescing agent, 0.1 percent to 2 percent of thickening agent, 0 percent to 1 percent of defoaming agent, 0.01 percent to 0.5 percent of PH (Potential Of Hydrogen) regulator, 0.1 percent to 2 percent of wetting agent, 0.5 percent to 1 percent of antifreezing agent, and the balance of deionized water. The coating provided by the invention has the effects on light reflection, heat insulation and corrosion protection at the same time, can be applied in the fields of storage tanks, pipelines, outdoor equipment, containers and the like, has the characteristics of safety, nontoxicity, environmental protection and pollution free, and has favorable weather fastness, stain resistance, salt fog resistance and scrubbing resistance.