The invention discloses a preparation method of carbon nano tube reinforcement asphalt based composite water-proof material, comprising the following steps: (1) weighing each component of the following raw materials according to weight percentages: 0.2-5% of dispersing agent, 1-5% of carbon nano tubes, 35-60% of asphalt, 9-15% of modified rubber powder and 20-40% of stuffing; (2), dissolving the dispersing agent in mixed liquor with a weight concentration of 0.1-10% prepared from asphalt, adding the carbon nano tubes in the mixed liquor, stirring by a high-speed emulsion shearing machine so as to form carbon nano tube disperse phase mixed liquor; (3) injecting the asphalt in a reaction kettle, heating till 170-190 DEG C, throwing the modified rubber powder to maintain the temperature of reaction liquid at 170-190 DEG C, modifying at a constant temperature for 1-4 hours, adding the stuffing at 150-190 DEG C for 20-80 minutes, injecting the carbon nano tube disperse phase mixed liquor obtained in the step (2), keeping a constant temperature of 140-170 DEG C, and stirring for 1-5 hours. The mechanical property of the product prepared by the invention is obviously improved, and the functions of static electricity resistance, microwave absorption, electromagnetic shielding and the like.