The invention discloses corrosion-resistant and waterproof water-based paint which is prepared from the raw materials in parts by weight: 20 to 30 parts of epoxy resin, 60 to 80 parts of saturated linear polyester resin, 1 to 2 parts of pine tar, 15 to 25 parts of polyethylene wax, 1.2 to 2 parts of sodium dodecyl benzene sulfonate, 10 to 15 parts of glycol, 0.8 to 1.4 parts of calcium sorbate, 1 to 2 parts of rosin resin, 2 to 4 parts of thickener, 2 to 4 parts of cross-linking agent, 2 to 4 parts of pigment, 70 to 80 parts of filler and 40 to 60 parts of water. A wood fiber compound is prepared by the following technologies of adding water into soya flour; performing glue milling treatment; adding the polyethylene wax; warming and stirring; adding wood fiber, tung maleic anhydride methyl ester and dimethyl formamide and mixing; warming under a stirring state; continuing stirring; cooling to room temperature; filtering; washing solid by acetone; drying and smashing to obtain the wood fiber compound.