The invention discloses a cold mixing color asphalt mixture and a preparation method. The preparation method comprises the following steps: selecting aromatic hydrocarbon oil, rubber oil, petroleum resin, epoxy resin, a modifier, a plasticizer, a diluent, diatomite, a pigment and stabilizers, and mixing the materials according to the mass proportion, thus obtaining color asphalt cement; selecting an emulsifier, the stabilizers and a defoamer, and mixing the three materials with the color asphalt cement in proportion, thus obtaining emulsified color asphalt cement; and selecting an aggregate, a filler, cement, a waterborne curing agent, an expansive agent and the emulsified color asphalt cement, and mixing the materials in proportion, thus obtaining the cold mixing color asphalt mixture.