The invention discloses a preparation method of flame-retardant and wear resistant foam asphalt. The preparation method comprises the steps of firstly taking and weighing asphalt, blowing agent, alkylxanthate, calcium chloride, molecular sieve, silicone resin, flame retardant, filler and water by weight, secondly adding the calcium chloride, the molecular sieve and the silicone resin to a microwave-radiation reaction vessel and then heating, stirring and reacting to obtain a hybrid adsorbent, thirdly heating the asphalt to 110 to 120 DEG C and then adding sequentially the blowing agent, thealkyl xanthate, the flame retardant and the filler to produce modified asphalt, fourthly stirring and mixing the hybrid adsorbent in step two and the modified asphalt in step three under 110 to 120 DEG C and then adding water to produce the flame-retardant and wear resistant foam asphalt. The flame-retardant and wear resistant foam asphalt has the advantages of high expansion rate, large half lifevalue, good liquidity, high wettability, good flame-retardant and smoke suppression effect, and excellent wear resistant property.