The invention provides a coating material with the catalytic function of color light, belonging to the technical field of building coating. The coating material comprises the following raw materials: titanium dioxide photocatalysis powder or modified titanium dioxide photocatalysis powder, deionized water or distilled water, accessory ingredient and inorganic pigment, wherein proportion thereof is as follows: 2-50%:35-90%:0.1-5%:0.1-10%. The titanium dioxide photocatalysis powder or the modified titanium dioxide photocatalysis powder is anatase phase titanium dioxide, nonmetal-doped titanium dioxide, transition metal-doped titanium dioxide, rare earth metal-doped titanium dioxide, noble metal-doped titanium dioxide or oxide semiconductor-doped titanium dioxide; the accessory ingredient is dispersing agent and defoaming agent; the inorganic pigment is one kind of several kinds of iron blue, cobalt blue, iron red, chrome red, molybdenum red, titanium chromium yellow, iron yellow, titanium nickel yellow, chrome green, iron green, zinc green, titanium green, ultramarine violet, cobalt violet, manganese violet, titanium manganese brown, iron manganese brown, copper chromium black, titanium white black, zinc white and wollastonite powder. The coating material has the advantages of high photocatalysis efficiency, stable performance, abundant colors, low cost, stable combination, and convenient preparation and use.