Emulsified asphalt, waterborne epoxy resin and curing agent were prepared by mixing in different proportion，and the mechanical properties, gel properties and rheological behavior of the blend were studied through indoor test，microscopic phase structure and blending mechanism of blend are clarified by fluorescent microscope and infrared spectrum analysis. The results show that when the mass ratio of emulsified asphalt and waterborne epoxy resin is 5∶5, the max drawing strength at 25℃ and 45℃ are 337MPa and 198MPa respectively; when the mass ratio of emulsified asphalt and waterborne epoxy resin is 5∶3，tensile strength is 347MPa，elongation at break is 38%，and both of them are in a turning point; gel time is shortened with the increase of temperature and epoxy resin content, when the mass ratio of emulsified asphalt and waterborne epoxy resin is 5∶5, gel time is about 10min in 50℃; phase structure of blend will change with the increase of epoxy resin content, when the mass ratio of emulsified asphalt and waterborne epoxy resin is 5∶3, phase reversal takes place, epoxy resin as the continuous phase, emulsified asphalt as the dispersed phase; storage modulus, loss modulus and glass transition temperature of the blend are increased with the increase of epoxy resin content, when the mass ratio of emulsified asphalt and waterborne epoxy resin is 5∶3, all of them were the maximum, glass transition temperature is 70℃；the blending way is physical blending through the infrared spectrum analysis, so the mass ratio of emulsified asphalt and epoxy resin is not more than 5∶3.