The invention relates to an exterior wall coating which comprises the following raw materials in parts by weight: 80-90 parts of a water based acrylic emulsion, 15-20 parts of a styrene-acrylic emulsion, 30-60 parts of nano bentonite, 3-4 parts of sodium carboxymethylcellulose, 2-3 parts of butyl methacrylate, 1-2 parts of dimethyl dimercaptoacetic tin isooctylate, 0.6-1 part of phenethyl phenol polyoxyethylene ether, 0.5-1 part of glass fiber, 0.8-1 part of 1, 2-di(triethoxy silicon base) ethane, 0.1-0.2 part of tributyl phosphate, 3-5 parts of a coalescing agent and 10-20 parts of deionized water. The produced coating disclosed by the invention is less in raw material loss, less in gel generation, simple in process, hard in film, good in luster, strong in impact resistance, difficult to crack, flexible in texture, strong in decoration, high in weather resistance and washing resistance, strong in adhesive force, long in service life, and free from special smell, heavy metals such as mercury and lead, and formaldehyde volatiles, so that the coating is in accordance with technical demand of environmental-friendly coatings. The coalescing agent is added, so that the coating is very high in stability, and efficient in adhesiveness and film-forming property. The compactness of the coating film is increased, and the film-forming quality is improved, so that a film has the advantages of strong adhesive force, no holes and rifts, uniform compactness and the like.