The invention provides a housing building coating with heat insulating and heat preserving functions and a preparation method thereof. The housing building coating with the heat insulating and heat preserving functions comprises the following components in parts by mass: 30-34 parts of river character fluorine carbon emulsion, 10-12 parts of zirconium dioxide, 5-8 parts of La2O3, 5-8 parts of SrSO3, 2-4 parts of MnO2, 10-12 parts of ethyl alcohol, 15-18 parts of silicone acrylic emulsion, 15-20 parts of an auxiliary filler, 3-5 parts of an additive and 15-20 parts of deionized water. Accordingto the housing building coating with the heat insulating and heat preserving functions, the prepared thermal control powder is capable of improving the UV irradiation resisting performance of the coating and can be matched with zirconium dioxide in the component to realize the heat insulating and heat preserving effects; in addition, the coating is high in refractive index and low in coefficientof thermal expansion; the light shielding performance of the coating can be improved; in addition, the coating prepared from the abovementioned components is high in mobility and can realize the heatinsulating and heat preserving effects without thick coating, so that the cost input can be effectively decreased.