The invention provides a flame-retardant smoke-suppression non-cured rubber asphalt waterproof coating capable of being constructed at normal temperature. The flame-retardant smoke-suppression non-cured rubber asphalt waterproof coating is prepared from asphalt, softening oil, an activator, waste rubber powder, a modifier, a liquid flame retardant and a synergist. A preparation process of the waterproof coating comprises the following steps: uniformly mixing and stirring the mixed asphalt and the softening oil, heating to dehydrate, adding the activator, fully stirring to develop, adding the waste rubber powder, continuously adding the modifier to dissolve after complete development, adding the liquid flame retardant and the viscosity-reducing and flame-retarding synergist, cooling, and discharging. A sol method is adopted, the liquid flame retardant is used as a liquid filler to reduce viscosity and soften the rubber modifier, and the liquid flame retardant is also used as a main flame retardant to achieve a flame retardant effect. Asphalt is modified in multiple steps, and S-S bonds/S-C bonds of net-shaped macromolecular chain segments in the waste rubber powder are subjected tooxidative fracture through the desulfurization effect of the activator, so a large number of small molecular chain segments are produced and evenly dispersed in the asphalt in a suspended mode, and astable semi-solid continuous phase system is formed through a gel film. The process can reduce the shearing rate and energy consumption in the production process, so that normal-temperature construction and flame retardance and smoke suppression are realized, the construction energy consumption and environmental pollution are effectively reduced, macromolecular wastes such as waste rubber powder and the like are fully recycled, and the construction of the resource environment-friendly society is facilitated.