The invention relates to aqueous coiled material over-printing vanish which comprises the following components in percentage by mass: 40-70% of an epoxy modified acrylic resin, 10-30% of a polyester resin, 4-15% of a high imino group resin, 3-6% of a sealed type isocyanate curing agent, 0.5-5% of a cosolvent, 0.2-1% of a leveling agent, 0.2-1% of a dispersant, 0.2-1% of a defoaming agent, 0.1-1% of a neutralizing agent and 10-41% of water. The invention further provides a preparation method of the aqueous coiled material over-printing vanish. The aqueous coiled material over-printing vanish provided by the invention is an environmental-friendly coating with water as a solvent together with a small amount of a cosolvent, has the advantages that 1), the vanish is not liable to combust or explode, small in volatile organic compound (VOC) emission and green and environmental-friendly; 2) the vanish is simple in production process, low in cost, good in leveling quality, good in adhesion property, xanthochromia resistance, high in solid content and low in viscosity; 3) the vanish has the characteristics of light colors, high clearness and transparency, good light and color retention andweather resistance, coating fullness and good thermal resistance; 4) the vanish is good in chemical resistance, stable with acids, alkalis, alcohols, oils and the like; 5) the vanish is good in size stability and medium permeation prevention.