The invention relates to a water-based fluid preparation with moisturizing, skin protecting and mosquito expelling functions, belonging to the chemical field. The preparation comprises the following components in percentage by weight: 10.00-10.50% of DEET (N,N-diethyl-meta-toluamide), 15.00-20.00% of propylene glycol, 0.30-0.90% of hydrogenated castor oil, 65.05-71.40% of deionized water, 0.05-0.10% of methyl parahydroxybenzoate, 0.05-0.15% of propyl p-hydroxybenzoate, 3.00-5.00% of 10:1 aloe juice and 0.20-0.30% of allantoin. In the invention, the traditional ethyl alcohol solvent is replaced with water, no odorous smell of the ethyl alcohol is produced when the preparation is used, the water is more applicable to the preparation compared with the ethyl alcohol from the aspect of volatility, and the effective mosquito expelling time is prolonged. Meanwhile, the allantoin and aloe juice have the skin protection function, thus the effects of moisturizing and protecting skin are achieved while mosquitoes are expelled for a consumer. The preparation can be taken as a mosquito expelling product in summer, and is more consistent with more environmental-friendlyrequirement, and the application is safer and more effective.