The present invention is directed to a water-based paint composition for concrete and masonry surfaces, a method of coating a concrete or masonry surface, and a corresponding method of preparing a coated concrete or masonry surface. The paint composition includes about 10-50% by weight water, about 5-40% by weight colloidal silica particles, about 40-85% by weight of an inorganic pigment, and about 1-10% by weight of a polymer binder. The paint composition provides the coated surfaces with excellent resistance to a wide variety of weather conditions, and alleviates health and safety concerns associated with long-term exposure to conventional organic-based paints.