The invention provides water-borne acrylic water-proof heat insulating paint, which belongs to the field of building materials and can be applied to surfaces of building roofs, metal sheets, ceramic tiles, glazed bricks, decorative tiles and other materials. The invention provides the water-borne acrylic type water-proof heat-insulating paint by using copolymer latex which is cool mixed by elastic acrylic copolymer emulsion, VAE emulsion and an organic silicon water-proof material as a base material, and hollow glass beads in low heat conductivity, hollow ceramic beads and other heat insulating materials, titanium powder, zinc oxide, ultrafine mica and other reflecting materials, and corrosion-resistance blanc fixe, wollastonite and the like as pigments. In the paint, the solar reflectivity is more than or equal to 0.83, the semi-sphere reflectivity is more than or equal to 0.85, weather resistance aging time is 100 hours without fading or pulverizing, and water-proof performance, such as water tightness, low temperature flexibility, tensile strength and the like, can achieve II type product index requirement of JC/T864-2008. Besides the function of decorating materials, the painthas the functions of water proofing and heat insulation.