The invention relates to a foaming modified asphalt composition. The foaming modified asphalt composition disclosed by the invention comprises 60-130 parts of matrix asphalt, 3-15 parts of waterborne emulsion, wherein the waterborne emulsion is formed by emulsifying 35-65wt% of asphalt modifier, 1-8wt% of emulsifier, 1-2wt% of foam stabilizer, 0.01-3wt% of coupling agent and 23-63% of water. The matrix asphalt and the waterborne emulsion containing the modifier are adopted, asphalt modification is realized when the matrix asphalt is foamed, the foamed modified asphalt has dual characteristics of a foam asphalt material and a modified asphalt material, the production step of modifying the asphalt is saved, the construction temperature of the asphalt mixture is reduced by 30-50 DEG C, and the asphalt mixture is prevented from aging, is superior to hot-mixed modified asphalt mixture and is obviously superior to common foamed asphalt in pavement performance. The modified asphalt equipment investment and production cost are saved, energy conservation and emission reduction are realized, and the process is easy and convenient.