The invention provides a volcanic rock-coconut shell charcoal composite formaldehyde-removal coating. The volcanic rock-coconut shell charcoal composite formaldehyde-removal coating comprises, by weight, 50-80 parts of a styrene-acrylic emulsion, 14-18 parts of quartz sand, 8-16 parts of pigment white, 12-20 parts of heavy calcium carbonate, 1-2 parts of nanometer titanium sol, 0.6-1 part of melamine resin, 0.6-1 part of nanometer calcium silicate fibers, 0.5-1 part of nanometer carbon sol, 0.5-1 part of diatomite, 2-2.5 parts of volcanic rock, 0.3-0.7 parts of lignin, 1-1.5 parts of coconut shell activated carbon, 0.4-0.8 parts of cellulose acetate butyrate, 0.6-1.2 parts of an antifoaming agent, 0.2-1 part of polyamide wax, 20-30 parts of propylene glycol butyl ether and 28-34 parts of water. The invention also provides a preparation method of the volcanic rock-coconut shell charcoal composite formaldehyde-removal coating. The volcanic rock-coconut shell charcoal composite formaldehyde-removal coating has a fast adsorption speed to formaldehyde and is environmentally friendly.