The invention belongs to the technical field of cosmetics, and discloses an aqueous liquid eye shadow and a preparation method thereof. The aqueous liquid eye shadow comprises a thickening agent, and the thickening agent comprises carbomer, polyacrylate-13, polyisobutene and polysorbate-20. According to the aqueous liquid eye shadow, carbomer, polyacrylate-13, polyisobutene and polysorbate-20 are compounded to serve as the thickening agent, so that the aqueous liquid eye shadow has proper viscosity, the viscosity at normal temperature is about 1250 cp, and the aqueous liquid eye shadow is fresh and not sticky after being used and has excellent skin feeling after being used; and the thickening agent can well disperse and suspend pearl powder, and meanwhile, in the production process, a material body has proper viscosity, few bubbles, high flowability and easiness in filling.