The invention relates to a high-permeability emulsion for cold regeneration of a waste and old asphalt mixture and a preparation method thereof. the emulsion is prepared from the following compositions by mass: 50%-65% of road petroleum asphalt, 1.0%-4.5% of an asphalt emulsifier, 0%-10% of a modifier, 0.1%-4.0% of a penetrating agent, 0.05%-2.0% of a stabilizing agent, 0-0.5% of an auxiliary agent adjusting pH, and the balance water. The preparation method comprises: together dissolving the emulsifier, the modifier, the dispersing penetrating agent, the stabilizing agent and the auxiliary agent adjusting the pH value in water, so as to prepare a soap solution, heating to 40-70 DEG C, adjusting pH to be 1.5-3.0, heating the road petroleum asphalt to 120 DEG C-150 DEG C, and performing emulsification on the soap solution and the asphalt, so as to obtain the high-permeability emulsion for cold regeneration of the waste and old asphalt mixture. After being blended with the waste and old asphalt mixed material, the high-permeability emulsion for cold regeneration of the waste and old asphalt mixture is capable of penetrating and activating aged asphalt in the waste and old asphalt mixed material, thereby improving the effective asphalt content in the cold regeneration mixed material, and further improving the water-damage resistance, endurability and other pavement performances of the cold regeneration mixed material and realizing efficient cold regeneration of the waste and old asphalt mixed material.