To enhance the performance of micro-surfacing mixture and control costs, a high-performance modified emulsified asphalt was prepared through the compounding of waterborne epoxy resin (WER) and styrene-butadiene rubber (SBR). Research was conducted on its traditional physical properties, compatibility, and microscopic modification mechanism, along with an exploration into the durability of the micro-surfacing mixture. The results indicated that the synergistic effect of WER and SBR improved the traditional physical properties of emulsified asphalt, demonstrating good compatibility among the three components. Based on fluorescence microscopy tests, the optimal dosages of WER and SBR were determined to be 15% and 3%, respectively. The com-pound-modified micro-surfacing mixture exhibited significantly superior resistance to water damage, wear, and shear compared to single-modified counterparts, suggesting that WER syner-gistically combined with SBR fully leveraged their complementary and synergistic advantages. The combination of WER, SBR, and emulsified asphalt was found to be a physical blend with no chemical reactions occurring.