The invention discloses a high-flame-retardancy liquid wallpaper and a preparation method thereof. The liquid wallpaper comprises the following components: polyacrylamide, graphene, attapulgite, titanium white, nano calcium carbonate, bamboo charcoal fibers, limestone, antimony trioxide, chlorinated paraffin wax, shale diatom ooze, licorice root, rosemary, clove oil, mint, lemon peel, a defoamer, a filler, additives and a proper amount of water. The preparation method comprises the following steps: extracting the Chinese herbal medicine components to obtain an extract; modifying the polyacrylamide with graphene, adding the antimony trioxide and chlorinated paraffin wax, and reacting; and adding the titanium white, nano calcium carbonate, bamboo charcoal fibers, limestone, shale diatom ooze and pasty attapulgite, mixing, shearing, adding the Chinese herbal medicine extract and clove oil, carrying out ultrasonic treatment, and adding the rest components, thereby obtaining the liquid wallpaper. The liquid wallpaper has the characteristics of favorable flame-retardant effect, scratch resistance, high strength/toughness and other mechanical properties, high painting uniformity, low caking tendency and high construction efficiency.