The invention discloses an external wall heat-insulating coating, which comprises the components of a silicone resin emulsion, an organosilicon water repellent, a flexible acrylic emulsion, a dispersant, a wetting agent, a preservative, a thickener, a leveling agent, a defoamer, a pH value regulator, rutile titanium pigment, gap glass microballoons, coarse whiting powder, a film-forming auxiliary agent, ethylene glycol, hydroxyethyl cellulose, deionized water and the like, and is prepared by preparation processes of dissolving and dispersing through a high-speed dispersion kettle, mixing and the like. The external wall heat-insulating coating has the characteristics of low moisture pickup, high permeability, excellent dirt resistance and weathering durability, and obvious heat-insulating effect, and has good compatibility and matching property with an external wall heat-insulation system, is convenient for construction, and is widely applied to brushing and decorating the external walls of buildings.