A temporary aqueous aerosol paint composition comprising an aqueous paint component, including an aqueous solvent, and an aqueous propellant component. At least one embodiment of the composition includes an amount of water as the aqueous solvent. The composition is formulated to minimize and/or eliminate the hazards presented by various volatile and non-volatile organic compounds present in known aerosol paint compositions, by eliminating or minimizing inclusion of such organic compounds. Further, the composition is developed to facilitate enhanced degradation in a short period of time, while also including elements to increase the performance when in use. A variety of pigment compounds may be used in the composition, permitting a variety of applications. The present invention is also directed to a method for preparing the temporary aqueous aerosol paint composition. This method includes adding the compounds to a reaction vessel and mixing thoroughly via a plurality of addition steps and mixing cycles.