The present invention discloses a color asphalt and its preparation method. Its composite includes petroleum asphalt 90# 40-44%, petroleum resin 120# 26-30%, petroleum resin 90# 3-5%, extractive oil 4-6%, xylene 2-4%, santobrite salt 5-7%, 99% chromium 2-4%, iron oxide 30# 3-5%, rosen 3-4% and titanium oxide 1-3% and proper quantity of pigment. Said invention adopts the following processes: reduced pressure distillation for extracting asphaltene, splitting by splitter tower, adding resin material, titanium and pigment, then making high-temp. synthesis. It is a new type builidng material, can be used for laying pavement, etc.