The invention discloses a color emulsified asphalt and preparation method thereof, characterized in that color bituminous cements, emulsifier, water and modifying SBR rubber latex are included. According to proportioning by weight, parts of components are: 50.0 to 75.0 of color bituminous cements, 0.5 to 3.0 of emulsifier, 1.0 to 10.0 of modifying SBR rubber latex; 20 to 40 of water. The component and weight percent of the color bituminous cements comprise 30% to 65% of petropols, 1% to 3% of N,N'ethylidene bioleoylamido; lubricant or extract oil residual of lubricant. By selection of bituminous cements, in particular small amount of N,N'ethylidene bioleoylamido and SBR rubber latex, compared with other bituminous cements formulation, the formulation has better adhesiveness, which can prevent damages such as water damage, loose and peeling off of color path surface paved as well as tracks.