The invention relates to water-based coating and a method using the water-based coating to prepare a mould pressing drawing film for decoration. The water-based coating is used to replace solvent type coating. The method includes: producing a printing roller capable of carving a required pattern effect according to the required pattern requirements, and forming corresponding patterns on a base film through mould pressing; diluting the prepared water-based coating with diluent, coating the patterned base film on a coating machine, regulating the temperature of the drying oven, in bridge distribution, of the coating machine to be 80-160 DEG C, controlling the starting speed of the coating machine to be at 70m/minute, starting an energy-saving drying device after the coating production line is stable, using a heat accumulating type oxidizing furnace to heat the drying oven in bridge distribution, and gradually increasing the speed of the coating machine; plating a metal layer on the coated base film face to form the drawing film, wherein the extremely-thin plated metal layer is formed by heating and melting metal under a vacuum state until the metal evaporate to allow metal atoms to condense on the surface of a polymer material.