The invention discloses water-based environment-friendly color-changing nail polish which comprises the following components: 40.0-50.0 parts by weight of water-based aliphatic polyurethane, 35.0-45.0parts by weight of a water-based aliphatic polyurethane acrylic acid copolymer, 3.0 to 6.0 parts by weight of a reversible temperature-sensitive color-changing material, 3.0 to 6.0 parts by weight ofa reversible photo-sensitive color-changing material, 0-2.0 parts of a pigment, 0.1-0.5 part of a wetting agent, 1.0-2.0 parts by weight of a thickening agent, 0.5-1.0 part of an adhesion promoter, 0.5-1.0 part of a preservative, 3.0-5.0 parts of a coalescing agent, 0-2.0 parts of other additives and the balance of deionized water. The reversible color-changing powder and other components are lowin odor and harmless to human health, environment-friendly, strong in adhesive force and long in retention time on nails, and can be used for blending various colors, and different colors can be changed along with different temperatures and different intensity of light, and the reversible temperature-sensitive color-changing material and the photo-sensitive color-changing material are good in stability, not easy to fade, and capable of maintaining a bright color for a long time.