The invention discloses light-colored asphalt cement and belongs to the technical field of road building materials. The light-colored asphalt cement includes, by mass, 20%-60% of naphthenic oil or furfural extract oil, 5%-20% of terpene resin, 10%-45% of petroleum resin, 1% of dispersing agents, 2% of antiaging agents, 3%-7% of thermoplastic elastomer and 4%-8% of EVA. The light-colored asphalt cement is likely to be colored, the dosage of pigments is low, high-temperature stability is good, ageing resistance is high, and the shortcomings that existing light-colored asphalt cement has high needle penetration, a low softening point and poor durability are overcome. The invention further provides a preparation method of the light-colored asphalt cement. The preparation method of the light-colored asphalt cement and subsequent production processes are easy to implement, production and construction are simple, the application range is wide, and the light-colored asphalt cement and the preparation method are particularly applicable to special occasions such as urban roads, motorways, landscape roads, squares, stadiums, parking lots and the like.