The invention relates to a self-adhesive rubber polymer water-proof caulking compound and a preparation method thereof. The self-adhesive rubber polymer water-proof caulking compound is prepared from the following components in parts by weight: 10-25 parts of vacuum side cut 3 oil, 10-20 parts of a tackifying resin, 10-25 parts of thermoplastic styrene butadiene rubber, 20-40 parts of BR rubber, 10-20 parts of a softening agent, 0.1-1 part of an anti-aging agent, 0.2-1 part of a flame retardant and 0.2-1 part of an antioxidant. The preparation method comprises the following steps: adding the vacuum side cut 3 oil and the tackifying resin into a mixer, heating the mixture, and stirring the heated mixture till the mixture is dissolved completely; adding the thermoplastic styrene butadiene rubber, and uniformly stirring the mixture by rotating at a high speed; fully grinding the mixture, putting the ground mixture into the mixer, adding the BR rubber, and continuing to stir the mixture at a high speed for certain minutes; adding the softening agent, and stirring the mixture at a high speed for certain minutes; and adding the anti-aging agent, the flame retardant and the antioxidant, stirring the mixture uniformly, and cooling the mixture for molding. The self-adhesive rubber polymer water-proof caulking compound has the beneficial effects that the risk of quality problems caused by proportional errors in a dual field can be lowered to the maximum extent, the subsequent problems of cracking, glue failure, unevenness and the like occurring after construction are solved, and the occurrence of fire disasters in the processes of production, transportation and construction can be effectively prevented.