A water curing asphalt polyurethane composite waterproof coating mainly comprises a component A and a component B. In terms of mass part, the component A consists of 60-85 parts of polyether polyol, 10-25 parts of isocyanate and 2-10 parts of plasticizer; and the component B consists of 40-70 parts of petroleum asphalt, 5-20 parts of compatilizer, 6-25 parts of plasticizer, 0.5-4 parts of stabilizer, 1-12 parts of water, 25-55 parts of filler, 8-20 parts of calcium hydroxide, 0.1-2 parts of catalyst and the like. When the water curing asphalt polyurethane composite waterproof coating is in use, the component A and the component B are uniformly mixed and the mixture is directly smeared on a waterproof datum plane of a building and is cured to form a waterproof film with the advantages of high strength, high elasticity and favorable low-temperature flexibility. The water curing asphalt polyurethane composite waterproof coating disclosed by the invention is simple in production process, low in cost and free from of tar or any organic solvent, meets the requirement of environment friendliness, is suitable for water resistance, seepage resistance and moisture resistance of construction engineering such as roofs, basements, bridges, tunnels and culverts and is especially suitable for waterproof engineering of damp datum planes.