The invention relates to an asphalt-based non-curable heat-resistant waterproof sealant and a preparation method of the sealant. The sealant comprises the following components in percentage by weight: 10-35% of asphalt, 5-15% of rubber oil, 1-3% of polyolefin processing modifier, 20-30% of 30Mu-100Mu glue powder, 5-10% of tackifier, 10-30 of sodium bentonite, and 3-5% of wetting dispersant reagent. The sealant has the following characteristics of good bonding property, high percentage elongation, good self-healing property, good creep property, possible construction of knife coating, spray coating or grouting, no need to maintain, capability of being constructed on wet foundation surface even under condition of (-40) DEG C and thus effectively shortening the construction period, no organic solvent, low energy consumption in construction, safety, environmental friendliness, no pollution, high-temperature resistance (not flowing at 110 DEC C), low-temperature resistance (not cracking at (-40) DEG C), stable property, good stickiness, and capability of sealing base layer cracks and pores so as to avoid water channeling phenomenon.