The invention discloses a non-cured rubber asphalt waterproof paint and a preparation method thereof. The preparation method comprises the following steps: 1) weighing a matrix asphalt, a softener, an elastic plastic body, an adhesion agent, a functional polymer, a stabilizing agent and a filling material; 2)injecting the matrix asphalt to a reaction vessel, heating the materials, stirring the materials, adding the softener, and stirring the materials; 3) adding the obtained mixture and the elastic plastic body in a colloid grinder, growing the materials, opening the colloid grinder, grinding the materials, and continuously growing the materials; 4) adding an adhesion agent and a functional polymer, continuously stirring the materials; 5) adding a filling material and stirring the materials; and 6) adding a stabilizing agent, and stirring the material. The paint has high heat resistance, good construction property, good thermostability, chemical stability and anti-ultraviolet aging capability, bond property is not influenced due to extraneous environment, the paint has construction property for a wet basic layer, can increase the interfacial affinity interaction with the wet basic layer, and construction quality and progress can be effectively guaranteed, and the paint is environmentally friendly.