The invention provides a non-curing rubber asphalt waterproof coating capable of flame retardancy and smoke suppression that can be applied at normal temperature. The raw materials include asphalt, softening oil, activator, waste rubber powder, modifier, liquid flame retardant and synergist. The preparation process is as follows: Mix and stir the mixed asphalt and softened oil evenly, heat up and dehydrate, add an activator, stir and develop fully, add waste rubber powder, after the development is complete, continue to add modifiers to dissolve, add liquid flame retardants to reduce viscosity And flame retardant synergist, discharge after cooling down. The present invention adopts the sol method, uses the liquid flame retardant as the liquid filler to reduce the viscosity and soften the rubber modifier, and also acts as the main flame retardant to achieve the flame retardant effect. The asphalt is also modified in multiple steps. Through the desulfurization of the activator, the S-S bond / S-C bond of the network macromolecular segment in the waste rubber powder is oxidized and broken, and a large number of small molecular segments are produced. The suspension is dispersed in asphalt and forms a stable semi-solid continuous phase system through a gel film. This process can reduce the shear rate and energy consumption in the production process, so as to realize normal temperature construction, flame retardancy and smoke suppression, effectively reduce construction energy consumption and environmental pollution, and fully recycle and reuse "polymer waste" such as waste rubber powder. Conducive to building a resource-friendly society.