The invention provides a two-component polyurethane waterproof coating. The two-component polyurethane waterproof coating comprises a component A and a component B, wherein the component A comprises 45 to 60 parts of polyether polyol 330N, 70 to 85 parts of polyether polyol 220, 5 to 15 parts of a plasticizer, 15 to 20 parts of toluene diisocyanate and 10 to 15 parts of diphenylmethane diisocyanate; and the component B comprises 25 to 30 parts of polyether 330N, 15 to 25 parts of 3,3'-dichloro-4,4'-diamino diphenyl methane, 20 to 30 parts of diisononyl ortho-phthalate, 100 to 110 parts of chlorinated paraffin, 120 to 150 parts of light calcium carbonate, 45 to 55 parts of fly ash, 2 to 5 parts of a dispersant, 0.6 to 1.5 parts of an antifoaming agent, 0.3 to 2 parts of dibutyltin dilaurateand 0.5 to 1 part of a heat stabilizer 903. The invention provides the two-component polyurethane waterproof coating and the preparation method thereof. According to the invention, through physical activities like particle effect and micro-aggregate effect of the fly ash, cementitious activities of a product can be promoted, and performances of the product are improved; meanwhile, by utilizationof a composite cross-linking agent, the proportion of rigid chain segments in a molecular chain is increased, so tensile strength and hardness are enlarged.