The invention discloses a waterborne reflective heat-insulation coating and a preparation method thereof. The coating is prepared from the following raw materials in parts by weight: waterborne fluorocarbon emulsion, hollow ceramic beads, nano reflection slurry, rutile type titanium dioxide, bentonite, nano zinc oxide, polymer hollow spheres, infrared reflection pigment, filler, redispersible latex powder, a dispersing agent, a defoaming agent, a thickening agent, a coalescing agent, a pH regulator and deionized water. The waterborne reflective heat-insulation coating disclosed by the invention has high reflection efficiency on sunlight; meanwhile, the waterborne reflective heat-insulation coating has performance of stronger ageing resistance, corrosion resistance, stain resistance and thelike; the coating has the advantages of environmental friendliness, no toxin, low cost, simple construction, and ability to effectively reflect solar heat and achieve a better heat-insulation effect;furthermore, all performance indexes of the coating can meet or far exceed national standards.