The invention provides an exterior wall coating which is composed of the following raw materials in parts by weight: 84-90 parts of water-based acrylic emulsion, 10-15 parts of styrene-acrylic emulsion, 16-50 parts of hydrotalcite powder, 4-6 parts of nano silicon dioxide, 0.1-0.2 part of triallyl isocyanurate, 3-4 parts of acrylic acid, 1-2 parts of aluminium nitride, 1-2 parts of dimethylethanolamine, 0.7-1 part of ureidopropyltriethoxysilane, 1-2 parts of sodium tripolyphosphate, 1-2 parts of polyvinylpyrrolidone, 1-2 parts of para toluene sulfonamide, 1-2 parts of ammonium dihydrogen phosphate, 0.4-0.6 part of triphenyl phosphite, 2-3 parts of absolute ethyl alcohol, 3-5 parts of coalescing agent, 0.1-0.2 part of polyoxypropylene glycerol ether and 10-20 parts of deionized water. The coating provided by the invention has the advantages of low raw material loss, low gel production, simple process, hard coating film, good glossiness, strong impact resistance, low cracking rate, soft texture, excellent decorative property, high weather resistance, scrubbing resistance, high adhesion force and long service life; and the coating is free of special smell and contains no heavy metals such as mercury and lead and also does not contain formaldehyde volatile, and thus the coating meets the technical requirements of an environment-friendly coating.