The invention provides a water-based UV (ultraviolet) photocuring paint which comprises the following components in parts by weight: 80-95 parts of polyurethane acrylate dispersion, 0.1-2 parts of leveling agent, 0.1-2 parts of defoaming agent and 2-8 parts of photoinitiator. The polyurethane acrylate dispersion is a first polyurethane acrylate dispersion or second polyurethane acrylate dispersion. The first polyurethane acrylate dispersion is Bayer AG polyurethane acrylate 2869-1. The water-based UV photocuring paint has higher double bond curing rate and conversion rate; and after the water-based UV photocuring paint is stood for 6 months, the paint film basically does not become yellow. Besides, the invention also provides a preparation method of the water-based UV photocuring paint.