The invention relates to a water-base rusting anti-corrosion paint of a steel structure, and a manufacturing technology thereof. The water-base rusting paint comprises styrene-acrylic latex, ferric oxide, talcum powder, phosphoric acid, tannin, aluminum hydroxide, zinc oxide, zinc dihydric phosphate, potassium dichromate, a film-forming auxiliary agent, sodium hexametaphosphate, dibutyl phthalate, an antifoam agent and water which is added till 100 percent (mass). The preparation method of the paint of the invention is that a pigment filler is added into a ball mill to prepare pigment filler slurry according to a mixing ratio, the phosphoric acid, the tannin, the zinc oxide and the aluminum hydroxide are mixed and heated till the solution is clear so as to prepare transformation liquid, then the pigment filler slurry and the transformation liquid and other components are mixed and stirred, and finally a finished product is obtained after filtration. The paint of the invention is characterized by good performance and low cost, etc., can be used for hull painting with rust directly, and can be used not only as a base paint, but also as a surface paint.