The invention discloses an asphalt mixture seam plaster for alleviating pavement cracks and a preparation method thereof, and the asphalt mixture seam plaster comprises the components of 16-18% of petroleum asphalt, 4-6% of building asphalt, 23-26% of a compatilizer, 3-5% of a thermoplastic elastomer, 1-3% of high temperature resin, 25-32% of waster rubber powder, 20-26% of talcum powder and 0.2-0.6% of a stabilizer. The preparation method is as follows: heating the petroleum asphalt, then adding the petroleum asphalt into the building asphalt for even mixing, after heating, beating into a working tank, and adding the compatibilizer; adding the thermoplastic elastomer and the high temperature resin, and shearing and finely grinding by a colloid mill while stirring to obtain a mixture; beating the mixture into a development horizontal tank, adding the waste rubber powder, the talcum powder and the stabilizer, stirring at 165-185 DEG C for development for 3-4H to obtain a cementing material; extruding for molding the cementing material and packing. The asphalt mixture seam plaster has the advantages of strong adhesion and self restoring deformation ability, can greatly improve high temperature deformation resistance, low temperature cracking resistance and fatigue resistance of asphalt pavements, reduces effectively alleviates asphalt pavement cracks, increases driving comfort, and reduces road construction investment frequency.