In order to improve the water resistance，adhesion and solvent resistance of acrylic resin，epoxy ester was prepared from tung oil acid and epoxy resin E-44，and epoxyester modified waterborne acrylic resin was synthesized using solution polymerization and selfemulsification processes. Then a two-component epoxy ester modified waterborne acrylic resincoating was prepared by introducing cyanate 325 amino resin. The structure and properties ofepoxy ester monomers and epoxy ester modified waterborne acrylic resins were characterizedand analyzed using FT-IR， ¹H NMR and particle size testing，etc. The hardness，gloss，water absorption，water contact angle，solvent resistance，and other properties of one-component andtwo-component epoxy ester modified waterborne acrylic resin paint films were tested. Theresults showed that when the amount of epoxy ester was 35%，both one-component and two-component paint films showed the best comprehensive performance. The gloss of two-component paint film（60°）reached 102. 3，the solvent resistance wipe number was 500，the water resistance could reach 480 h，the adhesion was level 0，the pencil hardness was 4H，and the impact resistance was 50 cm.