The invention discloses a high elastic roof thermal insulation paint, which is prepared from water, covering emulsion, elastic emulsion, pigment, a filling material, and auxiliary agents. The provided paint has the advantages of low VOC, super strong weatherability and stain resistant property, excellent elastic elongation ratio and bonding strength, and good application property and waterproof property, can be applied to waterproof and energy saving projects of metal roofs, and is especially suitable for the maintenance of metal roof. The maintenance cost of metal roofs is largely reduced. The service life of building roofs is prolonged. Moreover, the painted roofs do not generate light pollution, and the paint is environment-friendly. The invention also discloses a preparation method of the paint.