The invention discloses a water-based matte touch gloss oil and a preparation method thereof. The water-based matte touch gloss oil is prepared from the following raw materials in percentage by 
mass: 65-80% of water-based 
polyurethane dispersion, 10-20% of modified acrylic elastic 
emulsion, 1-3% of flatting agent, 3-5% of 
coupling agent, 3-5% of hand touch 
wax slurry, 1-3% of matting agent, 0.1-0.5% of 
defoamer, 0.5-2% of hand touch scratch-resistant agent, and 0-3% of water. The water-based matte touch gloss oil prepared from the materials is low in matte degree, and employs water as a 
diluent and contains no 
organic solvent or heavy 
metal; and the water-based matte touch gloss oil is natural and soft in color and luster without whiting, and good in color reveal property. Furthermore, the water-based matte touch gloss oil is suitable for 
surface coating treatment of high-quality paper, so that the 
coated paper feels like cotton, silk and velvet, and the paper finished product is good in matte degree and high in white 
gasoline resistance; the level of product packaging is greatly improved; and the water-based matte touch gloss oil is mainly applied to leatherette paper, 
imitation leather, calendered paper and some 
coated paper.