The invention relates to an environmentally-friendly and flame-retardant SBS modified asphalt coating material for a waterproof roll, and a preparation method thereof. The coating material is mainly prepared from, by weight, 100 parts of petroleum asphalt, 18-21 parts of softening oil, 14-16 parts of SBS, 6-8 parts of SBR, 3.0-4.0 parts of nitrile rubber, 10-12 parts of talcum powder, 9-11 parts of ammonium polyphosphate, 4.5-5.5 parts of melamine phosphate, 1.5-2.0 parts of zinc borate, 3.0-4.0 parts of organic montmorillonite, 7-8 parts of magnesium-aluminum hydrotalcite and 0-2.0 parts of an auxiliary agent. The waterproof roll prepared from the SBS modified asphalt coating material has excellent heat resistance, low-temperature flexibility, watertightness, low oil permeability, high cohesiveness, good basic mechanical properties and good thermal aging resistance, meets the waterproof use requirements of buildings, also has excellent fireproof and flame-retardant properties and highlimit oxygen index, belongs to a flame-retardant material, has no molten drop phenomenon, and is safe and reliable.