The invention discloses non-curing rubber asphalt waterproof coating and a preparing method thereof, and relates to the technical field of waterproof coating. The coating includes, by mass, 44-54 parts of asphalt, 15-25 parts of naphthenic oil, 2-5 parts of a modifier A, 3-6 parts of a modifier B, 3-6 parts of a modifier C, 2-4 parts of rosin resin, 5-10 parts of SBR, 10-20 parts of ground calciumcarbonate, 1-2 parts of an antioxidant and 2-4 parts of a thickener, with the modifier A being modified polypropylene wax H430. The coating has a creep property and a self-healing property, is non-curing after long-term contact with air, can permanently maintain elastic-plastic colloid, has characteristic of high self-healing capability, instant adhesion after contact, difficult stripping, excellent integrated performance, a low cost and a reduced VOC content, can seal basement layer cracks and capillary openings and can adapt to complex construction operation surfaces.