The invention proposes liquid-state metal electronic paste. The liquid-state metal electronic paste comprises an organic carrier and liquid-state metal, wherein the liquid-state metal is dispersed in the organic carrier, the organic carrier comprises an organic solvent, a binding agent and a functional additive, and the liquid-state metal is elemental metal or alloy with a melting point being (-78.2)-232 DEG C. The invention also provides a preparation method of the liquid-state metal electronic paste. In the electronic paste proposed by the invention, the liquid-state elemental metal or alloy with a low melting point, the organic carrier and the binding agent form a uniform phase, alloy particle is not needed to be prepared, and the paste is low in cost; an activating agent, a thixotropic agent, resin and the like are added into the organic carrier, the surface tension of the liquid-state metal is reduced, and the adhesion between the paste and a substrate is improved; and after sintering and curing, the organic solvent is volatilized after being heated, the elemental metal or alloy with the low melting point is heated and molten, particles are contacted and pasted to form lines, gaps among the particles are reduced, and the conductivity of the paste is improved.