The invention provides a flame-retardant heat-insulating water-based paint, and the paint is prepared from the following components: 55-65 parts by weight of a film-forming polymer, 5-10 parts by weight of surface-modified foamed aluminum-based nanotubes, 1-5 parts by weight of a cosolvent, 10-20 parts by weight of water, 1-3 parts by weight of a film-forming auxiliary agent, 1-3 parts by weight of an emulsifier, 1-3 parts by weight of a leveling agent, and 1-3 parts by weight of a wetting agent. The film-forming polymer is prepared from bis(2-aminoethyl)hydrogen phosphate, exo-3,6-epoxy-1,2,3,6-tetrahydrophthalic anhydride, 1,1-dimethoxy-3-(trimethylsiloxy)-1,3-butadiene, polyetheramine. The invention also discloses a preparation method of the flame-retardant heat-insulating water-based paint. The flame-retardant heat-insulating water-based paint prepared by the invention has the advantages of low cost, good flame-retardant and heat-insulating effects, excellent water resistance, alkali resistance, abrasion resistance, weather resistance, small environmental impact, safe and environmentally friendly use.