The invention relates to an epdm rubber waterproof coating and a preparation method thereof. The total weight portions of dry raw material component of the waterproof coating are: epdm rubber 5-7, chlorinated polyethylene 10-15, reclaimed rubber 20-25, coumarone resin 2-3, naphthenic oil 5-10, carbon black 5-8, zinc oxide 0.5-0.7, stearic acid 0.1-0.3, sulfur 0.4-0.6, accelerator 0.5-0.9 and antioxidant 1-3. The waterproof coating adopts epdm rubber, reclaimed rubber and chlorinated polyethylene as film forming main bodies and also various modified promoter and fillings, which results in that the waterproof coating not only has excellent waterproof, ageing and cold resistance, but also has the advantages of convenient construction and low cost, and the components and construction thereof meet the requirements of national environmental standards. The invention has simple preparation process steps, is convenient to be widely industrially produced, and the store property and life service of the waterproof coating obtained is greatly prolonged. The waterproof coating can be widely applied to the waterproof construction in building, engineering, vertical plane and various waterproof datum planes.