The invention discloses a water-resistant paint. Three ingredients, including a flexibilizer, a compatibilizer, and a reinforcing agent, are added into a dispersion phase of the water-resistant paint; the flexibilizer is one or a mixture of a plurality of components selected from polyvinyl chloride, polyethylene, polypropylene, butadiene-styrene rubber, cis-butadiene rubber, butadiene-acrylonitrile rubber, vinylon, dacron, acrylon, polypropylene, ethylene-propylene rubber, polystyrene, polymethyl methacrylate, polyester, chlorinated polyethylene, chlorinated atactic polypropylene, chlorinated polypropylene, atactic polypropylene, 107 adhesive, polyvinyl alcohol, permalon, chloroprene rubber, chlorosulfonated polyethylene, polyethylene glycol, xytene formaldehyde resin, and reclaimed rubber. Using amount of the flexibilizer accounts for 2 to 50% of that of asphalt. The formula above is capable of improving water resistance, cracking resistance, and strength of asphalt emulsion greatly; the obtained asphalt emulsion is an excellent water-resistant paint, and can be taken as a paving material. It is beneficial for construction improvement, cost reducing, energy reducing, and avoiding of environmental pollution.