The invention discloses a single-component highly-elastic water-borne polyurethane building water proof coating, and its formula in weight percent: polyurethane emulsion 40-80, color filler 10-40, dispersant 0.3-1.0, film forming auxiliary 0.8-1.2, flow agent 0.1-0.4, defoaming agent 0.1-0.3, plasticizer 0.1-10, thickening agent 0.1-1.0, pH stabilizer 0.1-7.0, UV light absorbent 0.5-1.0 and water 1-15. Its preparing steps: blending dispersant, film forming auxiliary, defoaming agent, plasticizer and pH stabilizer according to the above formula in the water for 20 minutes, adding in color filler to make high-speed dispersion for 30 minutes, then pouring slowly polyurethane emulsion in to blending at low speed for 20 minutes, then adding in flow agent, defoaming agent, and thickening agent to continue low-speed blending for 20 minutes, and obtaining it. By detected, its tensile strength is 3.4 MPa, its rupture elongation is 580%, its low-temperature flexibility is -30 deg.C.