The invention relates to waterborne polyurethane epoxy resin modified emulsified asphalt, which comprises an ingredient A and an ingredient B, wherein the ingredient A is modified alicyclic amine epoxy resin curing agent aqueous solution, the ingredient B consists of the following ingredients in mass parts: 5 to 40 parts of waterborne polyurethane epoxy resin and 60 to 95 parts of emulsified asphalt, and the mass percent ratio of the ingredient A to an ingredient B is 1 / 10 to 1 / 30. During application, the ingredient A and the ingredient B are proportionably and uniformly mixed, and the waterborne polyurethane epoxy resin modified emulsified asphalt is obtained. Various indexes of the modified emulsified asphalt are all superior to those of the modified emulsified asphalt in common use in markets, good low-temperature flexibitity and high-temperature stability are realized, the brittle rupture is not easily caused under the loading effect, the adhesivity with stone materials and pavements is good, the binding force is strong, and the waterborne polyurethane epoxy resin modified emulsified asphalt can be used for pavement maintenance or can be used as cementing materials of preventive maintenance and pot hole repair materials.