Styrene/acrylic emulsion copolymer and water-based short oil urethane alkyd resin were used as binders to prepare water-based, environmentally friendly paints by using 0.5% emulsified methylamine adduct as corrosion inhibitor. The choice of the two above-mentioned binders was based on the fact that styrene/acrylic emulsion copolymer is a nonconvertible binder, whereas short oil urethane alkyd resin is a convertible binder. The physical, chemical, mechanical, and corrosion properties of the paint films were evaluated and compared with a commercially known anticorrosive water-based paint. It was found that the prepared paints have unique desirable properties such as the following: they do not contain anticorrosive pigments (which contain heavy metals in their main chemical structure); they are solvent-free; and they can be produced to match any color. Corrosion tests on the films of the formulated paints revealed that the short oil urethane alkyd resin is superior to the styrene/acrylic copolymer. Moreover, the corrosion inhibition properties of the paint films prepared from both binders are comparable with the commercially available paints containing anticorrosive pigments.