Using simple performance test system(SPT system)，the dynamic modulus and phase angle of cement emulsified asphalt mixture(CEAM) were tested. The mixtures dynamic modulus principal curve equations were deduced by means of Sigmoidal mathematical model, also its dynamic modulus characteristics were compared with that of hot asphalt mixture（HAM）. Based on microscopic feature observation, the dynamic modulus characteristics of CEAM was analyzed. The results indicate that in 15～25℃, the dynamic modulus of CEAM varies from 1541~5921MPa with loading frequency of 01～25.0Hz. The shift factor for dynamic modulus curve of CEAM is significantly smaller than that of HAM, which indicates that temperature sensitivity of CEAM is relatively lower. The hydration products produced by cement and water in asphalt emulsion could reduce the viscosity and improve temperature sensitivity of CEAM.