The invention belongs to the technical field of materials for asphalt pavements, and particularly relates to SBS-rubber powder composite modified asphalt and a preparation method thereof. The SBS-rubber powder composite modified asphalt is prepared from, by mass, 15-21 parts of waste rubber powder, 2-3 parts of SBS modifying agents, 0.2-0.4 part of stabilizing agents, 0.03-0.04 part of activating agents and 75-82 parts of asphalt. The preparation method of the asphalt comprises the steps that the matrix asphalt is preheated to 180 DEG C, the SBS modifying agents are added into the hot asphalt, high-speed shearing dispersion is performed for 20 min, then the activating agents, the rubber powder and the stabilizing agents are added, and high-speed shearing dispersion is performed on the temperature condition of 185 DEG C for 2 h. According to the SBS-rubber powder composite modified asphalt, a pavement paved with SBS-rubber powder composite modified asphalt mixtures has the advantages of being stable, comfort, low in noise and the like, the quality of the pavement can be obviously improved, the service life of the pavement can be prolonged, use is convenient, price is low, the properties are stable, and not only can the anti-rutting performance of the asphalt mixtures be improved, but also the obvious effects on improving the low-temperature crack resistance, water stability and fatigue resistance of the asphalt mixtures can be achieved.