A water nan-composite thermal-insulating coating for external wall and its production are disclosed. The coating consists of water, polymer emulsion, high-refractive index pigment, filler, nano-tin-antimony oxide slurry, nano-SiO2, wet dispersant, filming accessory, pH adjuster, thickener, de-foaming agent, anti-freezing agent and mildew-proof bactericide. It's cheap and simple, has excellent wash and weather resistances, better thermal-insulating performance, safe storage and no environmental pollution. It can be used for apparatus surface and architecture external wall.