Elastomer-modified asphalt waterproofing membrane and preparation method thereof, elastomer-modified asphalt waterproofing membrane, is characterized in that it comprises base layer, petroleum asphalt layer, isolation material layer; base layer is covered with petroleum asphalt layer, petroleum asphalt The outer surface of the layer is covered with an isolation material layer; the petroleum asphalt layer is composed of: 40 parts of 10# asphalt, 15 parts of 90# asphalt, 3 parts of machine oil, 9 parts of modifier SBS, 6 parts of talcum powder, Guma 5 parts of Long resin, 7 parts of graphite, 7 parts of asphalt modified tackifier, and 8 parts of high-density polyethylene; the base layer is composed of 20 parts of polyester felt, 30 parts of glass fiber felt, Reinforced polyester felt is composed of 50 parts; it has good elongation performance, high high and low temperature resistance, water impermeability can reach 0.7MPa, and the product's low temperature flexibility can reach ‑40 ° C without cracks.