The invention discloses water-based flashing paint suitable for ordinary aluminum powder and a preparation method thereof. The water-based flashing paint is acrylic acid amino baking varnish, and the aluminum powder which is not processed can be directly added into a water-based formula, and the storage stability is good. The water-based flashing paint comprises, by weight parts, 6-10 parts of aluminum powder, 5-8 parts of cosolvent, 80-90 parts of paint oil. The paint oil comprises, by weight parts, 50-55 parts of water based hydroxy acrylic resin, 8-15 parts of amino resin, 0.3-0.5 part of N,N-dimethylethanolamine, 10-20 parts of water, 5-10 parts of cosolvent A, 0.1-0.3 part of base material wetting agent and 0.2-0.5 part of flatting agent. The prepared water-based flashing paint is suitable for the fields such as electric vehicles and motorcycles, not only meets environmental protection requirements and has the performance not lower than that of a solvent based coating, but also has a lower comprehensive cost than the solvent based coating, and the span of replacing an oil paint with the water-based paint is implemented.