The invention discloses a low softening point emulsified asphalt for a drilling fluid, and a preparation method thereof. The emulsified asphalt comprises, by weight, 25-50 parts of an oil slurry, 10-35 parts of a solvent oil, 1-4 parts of a non-ionic surfactant, 1-4 parts of a cation surfactant, 0-4 parts of a C2-C4 alcohol, and 30-40 parts of water. The preparation method comprises: adding a solvent oil and a non-ionic surfactant to an oil slurry, carrying out heating and uniform stirring to obtain an oil slurry mixing liquid, carrying out mixing heating stirring on water, a C2-C4 alcohol and a cation surfactant until the cation surfactant is dissolved, adding the oil slurry mixing liquid, and stirring at a temperature of 45-90 DEG C to obtain the low softening point emulsified asphalt. The emulsified asphalt has the following characteristics that: the emulsified asphalt is easily dispersed in water, and has characteristics of low softening point, good anti-sloughing effect and good lubricating performance; with the emulsified asphalt, the broken stratum can be well cemented at a low temperature, hole wall cracks can be plugged, and hole wall stability can be increased; and the emulsified asphalt can be widely used in geological drilling, petroleum and natural gas well drilling, geoheat drilling and the like, oil slurry recycling is achieved, and process cost is reduced.