The invention relates to a POSS/polyurethane water compound paint and the process for preparation, the water compound paint is prepared by the following process, firstly, preparing POSS which is not capped with a hydrolysis method, secondly, adopting silane coupling agent KH-550 to cap and get a POSS which contains amido group, and finally, chemically compounding POSS and water polyurethane dispersion to prepare a POSS/polyurethane water compound paint. The water compound paint of the invention has the advantages of excellent indoor temperature storage property, degree of hardness and waterproof property, and fire-resisting property and anti-ultraviolet light property are excellent. The process for preparation of the invention has the advantages of convenient and simple technique, high film coating quality, low production cost and extend application prospect and the like, which has no pollution to environment, the water paint is a new generation environmental-friendly high-performance chemical product, which can be applied in the fields such as automobile coating, wood coating, construction, office furniture, leather, textile finishing, pigment printing and mechanical equipment.