A creamed reclaimed rubber and its production are disclosed. It consists of 20-50 mesh vulcanized rubber powder 100 proportion, paraffin oil as solvent 70-90 proportion, solid coumarone 10-30 proportion as solvent, catalyst and catalyst accessory phthalic acid anhydride 2-5 proportion, methyl aldehyde aqueous solution 4-6 proportion, 1,3-benzenediol 0.2-0.5 proportion. The process is carried out by adding vulcanized rubber powder into vertical de-polymerizer, adding into solvent, catalyst and catalyst accessory successively, closing feeding open, agitating, raising temperature to 160-180 deg. C, controlling pressure to 0.5-0.7 MPa, reacting for 2-2.5 hrs, lowering temperature, releasing gas, discharging and filtering to obtain final product. It's simple, has stable quality, waterproof and antiseptic performances and no environmental pollution. It can be used to synthesize rubber with petrochemical asphalt and to paving road.