The invention relates to a coating, specifically to a preparation method for a fluorescent waterborne colorful coating. The preparation method comprises the following steps: dissolving an organic fluorescent compound into butanone, then dropwise adding polyisocyanate with a mass equal to the mass of the organic fluorescent compound, carrying out heating to 55 to 80 DEG C, carrying out a reaction for 2 to 8 hours, and carrying out cooling to 40 to 50 DEG C so as to obtain a first solution; dissolving a protective adhesive powder into butanone, dropwise adding the first solution obtained in thestep 1, wherein the mass ratio of the organic fluorescent compound to the protective adhesive powder is 1: (6-15), carrying out heating to 60 to 80 DEGC, carrying out a reaction for 3 to 8 hours, carrying out cooling, and removing a solvent namely the butanone so as to obtain a fluorescent modified protective adhesive powder; and adding water into the fluorescent modified protective adhesive powder, carrying out dispersing, and adding a base coating, a color paste and a continuous phase so as to prepare the fluorescent waterborne colorful coating. The fluorescent colorful coating prepared by using the preparation method provided by the invention has the advantages of good fluorescence effect, uniform distribution, good durability and great ornamental value.