The work aims to study the effects of the types of aluminum silver paste, the corresponding binder ratio of grinding resin, dispersant ratio and mass fraction of dispersants on the particle size of water-based silver ink paste. The water-based silver ink paste was prepared by mixing aluminum silver paste with grinding resin, dispersant, deionized water and auxiliary agent. The particle size of the ink paste was tested by laser particle size analyzer. The particle size of water-based silver ink paste prepared with DZR05 aluminum silver paste and AZR grinding resin was the smallest when the binder ratio was 2∶3, the ratio of 760 dispersant to 3200 dispersant was 2∶3 and the mass fraction of dispersant was 5%. The particle size of water-based silver ink paste can be reduced by aluminum silver paste with good properties, suitable grinding resin and its corresponding binder ratio, suitable dispersant ratio and mass fraction.