The invention discloses a water-based exterior wall coating. The water-based exterior wall coating is prepared from the following raw materials: a butadiene styrene rubber emulsion, polyamide, kaolin powder, a flatting agent, lignocelluloses, magnesium phosphate, polysiloxane, glass fiber, aluminum silicate fiber, hydroxylation fiber resin, polyether sulfone resin, polysorbate, sodium hexametaphosphate, an organic silicone emulsion, an epoxy silane modified silicone sol, cross-linked polyethylene, butyl peroxybenzoate, sodium silicate, melamine polyphosphate, pentaerythritol, silicon dioxide, a sterilization preservative, a film-forming aid, waterborne polyurethane resin, acrylate, tung oil, polyvinyl alcohol, light calcium carbonate, talcum powder, gypsum powder, titanium dioxide, fluororesin, Ni, Zn and water. The water-based exterior wall coating contains the components such as Ni and Zn, so that the water-based exterior wall coating has high temperature resistance and corrosion resistance, meets the coating requirements of various places, is free of toxic organic solvents and free of pollution, and has the advantages of no crack on a coating surface and high adhesion.