The invention discloses a water-tolerant decorative fiber coating which can be used as a special wall coating for interior and exterior walls. The water-tolerant decorative fiber coating comprises the following raw materials in parts by weight: 10-100 parts of fibers, 0.1-10 parts of a thickener, 5-150 parts of an emulsion, 0.1-10 parts of an auxiliary material, 10-1000 parts of a liquid and 0-20 parts of other components. The emulsion is one or more of a vinyl acetate-acrylic emulsion, a silicone acrylic emulsion, a styrene-acrylic emulsion and a pure acrylic emulsion. The auxiliary material is one or more of a foamer, a flame retardant, a mildew preventive, a preservative, a dispersant and essence. The liquid is water. The other components are one or more of glitter powder, metallic yarns, cannetille, pearl powder and noctilucent powder. The water-tolerant decorative fiber coating disclosed by the invention is good in decorative effect, can be used to draw and puzzle, fully improves the decorative grade, and has the advantages of weather fastness, scrubbing resistance, long service life, no crack, washability, seamlessness, no mildew, flame retardance and the like. Many defects of conventional fiber coatings such as fall of powdered gold, gold wires and fiber, water funk and short service life are remarkably improved, and many problems of seam, mildew, edge warping and the like of wallpaper are solved.