The invention discloses a non-cured rubber asphalt waterproof coating and a preparation method thereof. The waterproof coating comprises the following raw materials in parts by weight: 95-105 parts of pitch, 1.8-2.2 parts of an anionic emulsifier, 1.2-1.8 parts of Eighteen carbon fatty alcohol, 7-13 parts of a flexibilizer, 2-3 parts of lauryl sodium sulfate, 3-7 parts of bentonite, 58-62 parts of neoprene latex, 38-42 parts of compounded latex, 10-13 parts of a thickener, and 48-52 parts of water; and the solid content of the compounded latex is 40%-50%. The waterproof coating is cold-applied, can be blade-coated or rolling-coated, is widely suitable for places of roofs, garages and basements, factory buildings and the like, especially suitable for places such as substations, pharmaceutical factories, oil refinery and the like requiring fire proofing and explosion proofing, is safe and free from fire disaster risks, capable of saving a great amount of fuel gas energy, and incapable of releasing carcinogenic gases such as phenol, naphthalene, anthracene, benzene, pyrene, chlorine and the like, thus being environment-friendly and pollution-free. Under the action of piezoresistivity and creep resistance performances, the damaged part can be self-repaired so as to always keep the completeness of a waterproof layer, so that the waterproof performance is excellent.