Abstract: Using epoxy resin E51 and polyethylene glycol (PEG) as raw materials, waterborne epoxy emulsion was prepared by phase inversion method. By exploring the effects of PEG molecular weight and emulsifier dosage on the viscosity, particle size and stability of the emulsion, the waterborne epoxy emulsion with the best comprehensive performance was selected, and the thermal stability and micro-surfacing of the cured waterborne epoxy resin were analyzed. The compatibility between waterborne epoxy resin and emulsified asphalt was investigated by fluorescence microscope, and the optimum content of waterborne epoxy resin was obtained. On the basis of this, MS-2 waterborne epoxy resin modified emulsified asphalt micro-surfacing was prepared. The influences of different preparation methods and different curing agents on the construction performance and road performance of micro-surfacing mixture were investigated, and the cost performance of self-made emulsion and commercial emulsion and the corresponding micro-surfacing performance were analyzed. Results show that when the molecular weight of PEG is 6 000 and the content of emulsifier is 20%, the waterborne epoxy emulsion has the best comprehensive performance, and the corresponding waterborne epoxy cured product has excellent thermal stability and good micro-surfacing. 6% waterborne epoxy resin has the best compatibility with emulsified asphalt. The best preparation method of waterborne epoxy resin modified emulsified asphalt is to mix waterborne epoxy emulsion with emulsified asphalt and then add waterborne epoxy curing agent. Compared with the basic amine curing agent, the micro-surfacing prepared by waterborne epoxy curing agent has excellent comprehensive properties. Self-made waterborne epoxy emulsion has higher cost performance than that of commercial emulsion, and has good application value.