The invention belongs to the technical field of food additives and functional food and particularly relates to a beverage emulsion with coloring and flavoring functions and a preparation method thereof. The preparation method comprises the following step that 1, modified starch and hydrophilic colloid are weighed out according to a certain proportion and dissolved in water with the temperature of 60 DEG C to 80 DEG C, an emulgator and an antioxidant are added, and a water phase is obtained; 2, citrus fruit peel oil or fruit oil, edible vegetable oil and a weighting agent are weighed out according to a certain proportion, when the mixture is heated to be 140 DEG C to 150 DEG C, carotenoid is added and fast stirred to be dissolved, an antioxidant is added after the mixture is cooled, and even stirring is carried out to obtain an oil phase; 3, at room temperature, the oil phase is slowly added to the water phase for high-speed shearing, and a crude emulsion is obtained; 4, the crude emulsion is homogenized through a high-pressure homogenizer, and the beverage emulsion uniform in particle size is obtained. The beverage emulsion is used for food, has multiple functions, can increase the turbidity of a beverage, and is used for coloring the beverage, and certain fragrance is given to the food.