The invention discloses a water-borne rust-based anticorrosion coating which comprises the following raw materials by weight portion: 60-70 portions of styrene-acrylic emulsion, 30-40 portions of water-borne acrylic emulsion, 2-4 portions of alcohol ester-12 forming additive, 2-3 portions of vanadium oxytrichloride, 0.5-0.8 portions of benzotriazole, 3-4 portions of glycerine, 2-4 portions of 2- methyl-1,3- propylene glycol, 2-3 portions of hydroquinone, 1-2 portions of pyrocatechol, 2-3 portions of Ethylene Diamine Tetra Methylene Phosphonic Acid Sodium, 3-4 porptions of citric acid, 1-2 portions of modified adhesive, 0.1-0.2 portions of carboxymethyl cellulose and an appropriate amount of deionized water. The coating has good comprehensive performances including base body adhesive power, rot resistance, adhesive power, can completely avoid coating preprocessing processes, including sand blasting and shot-blasting, and can provide lasting and efficient protection for iron steels, the surfaces of which are rusty and not subjected to pre-processing; and accordingly, not only is the service life of an anti-corrosion finishing coat prolonged, but also the anti-corrosion coating process is simpler, and more efficient, economical and environment-friendly.