The invention discloses emulsified asphalt with high viscosity and high elasticity and a preparation method of the emulsified asphalt. The emulsified asphalt is prepared from asphalt stock, waste tirerubber powder, a tackifier, an emulsifier, a thermoplastic elastomer, water, carbon black, an antiaging agent, modified calcium carbonate and a surfactant; the emulsified asphalt with high viscosityand high elasticity is prepared by steps as follows: the waste tire rubber powder pulverized by a pulverizer, the tackifier, the emulsifier, the thermoplastic elastomer, water, carbon black, the antiaging agent, modified calcium carbonate and the surfactant are added to the molten asphalt stock. Through the adoption of the method, reaction temperature can be reduced, asphalt aging is prevented, release of toxic gas is reduced, resource saving and environment protection are realized, and operation is simple; the prepared modified asphalt mixture has higher bend resistance, break resistance, high-temperature resistance and the like, and the application range of the modified asphalt is enlarged.