The invention discloses a polytetrafluoroethylene modified asphalt waterproof coiled material and a preparation method thereof. Petroleum asphalt is used as a base material, then polytetrafluoroethylene, a filler and an auxiliary agent are added, and the above-mentioned materials are subjected to extrusion, calendering and molding so as to prepare the polytetrafluoroethylene modified asphalt waterproof coiled material. The polytetrafluoroethylene modified asphalt waterproof coiled material provided by the invention has a great number of excellent comprehensive economic and technical characteristic indicators such as excellent weatherability, high tensile strength, high elongation percentage, aging resistance, strong adaptability to deformation, a wide temperature adaptation range, strong and high bonding performance, a long service life, no pollution, easy construction and low cost, and can be used in waterproof projects like passenger dedicated line bridge deck concrete, subways, roads, ports and wharfs and large-scale underground projects.