The invention discloses a water-resistant flame-retardant polyurethane metal paint. The paint comprises the following raw materials: flame-retardant polyurethane, aqueous melamine-formaldehyde resin, aqueous acrylic resin, sodium carboxymethyl cellulose, bentonite, diatomite, nano titanium dioxide, micro-encapsulation red phosphorus, antiseptic, antifoaming agent, flatting agent, and pigment. The preparation method of flame-retardant polyurethane comprises the following steps: mixing tung oil polyol and N,N-bis(2-hydroethyl)amino methylene diethyl phosphite, heating the mixture, maintaining the temperature, carrying out vacuum dehydration to obtain a first material; mixing m-phenylene dimethylene isocyanate and the first material, heating, maintaining the temperature, cooling, adding trimethyl pentanediol, dihydroxymethyl butyric acid, glucose, and acetone, then adding dibutyl tin dilaurate, heating, maintaining the temperature, cooling, dropwise adding a mixed solution containing bis(2-hydroxypropyl)aniline and N-butyl diethanolamine, heating, maintaining the temperature, carrying out neutralization, adding water to carry out emulsification and dispersion, and finally performing vacuum distillation to obtain the flame-retardant polyurethane. The provided paint has excellent flame-retardant and water-resistant properties.