Waterbased release agents own the both lubrication & moldrelease of the traditional release agent and their characteristics of environmental protection. Therefore, they are widely marketable in the country, and result in the reputation of “industrial MSG” in diecasting industry. Because of their potential tendency as novel release agent, such releaseagents are concerned more and more nationwide. But the domestic waterbased release agent started late, immature technology is the barrier for restricting the development of domestic waterbased release agent. This paper summarizes the domestic research situation and major achievements of waterbased diecasting release agent, and analyses the performances and present issues of waterbased diecasting agent. Several suggestions are put forward. Finally, the future research and development direction of waterbased release agent are prospected.