To reveal the mechanism of segregation and bleeding of CA mortar, the key control factors of segregation resistance for CA mortar were proposed by studying the rheological properties of CA mortar and the storage stability of emulsified asphalt. Combining the classical theory of colloid and the cement hydration theory, the electrolyte stability of emulsified asphalt was discussed and the interaction of cement hydration and demulsification of emulsified asphalt was also analyzed. The results indicate that the CA mortar is a typical Herschel Bulkey fluid and its yield stress and viscosity are both important factors to control the segregation of CA mortar. The cement affects the stability of the emulsified asphalt by releasing high valence cation to solution in the process of hydration. Bleeding in CA mortar is the results of the interaction of cement hydration and emulsified asphalts demulsification, and segregation is the necessary condition for bleeding.