The invention belongs to the technical field of lubricants, and relates to a functional rolling liquid of water-based nano Cu and a preparation method of the functional rolling liquid. The functional rolling liquid is used for lubricating a rolled copper foil in a rough rolling process. The preparation method comprises the following steps: by taking nano Cu with good anti-corrosion and anti-rusting performance as an extreme pressure agent and taking methylbenzene, polyethylene glycol and sodium dodecyl benzene sulfonate as a dispersing agent, sequentially adding deionized water, the sodium dodecyl benzene sulfonate, the methylbenzene, the polyethylene glycol, triethanolamine, oleic acid, aniline and mercapto-1,3,4-thiazole and putting into a reaction kettle at a revolving speed of 80 to 120 revolutions per minute, heating and stirring, adding the nano Cu when a temperature reaches 70 DEG C to 80 DEG C, carrying out heat preservation and further stirring for 45 to 60 minutes, then stopping the heating and further stirring until reaching a room temperature so as to obtain a turbid suspension liquid in red brown, namely, a required water-based rolling liquid. As the water-based rolling liquid is used, the pollution caused by the traditional cold-rolling emulsified oil is reduced, and the slow-release anti-rusting performance of a rolled copper plate/strip can be obviously improved. Thus, the rolled copper plate/strip is good in surface quality and long in anti-corrosion period.