The invention discloses a waterproof adhesive, which is prepared from raw materials including 100 parts of asphalt, 10 to 50 parts of rubber, 10 to 50 parts of resin and 100 to 200 parts of solvent, wherein the asphalt is No.70, No.90 or No.110 petroleum asphalt; the rubber is natural rubber or/and synthetic rubber, and the synthetic rubber is styrene-butadiene-styrene (SBS) or/and neoprene; the resin is one or a random combination of more of petroleum resin, coumaroneindene resin and abietic resin; and the solvent is one or a random combination of more of isopropyl acetate, acetic ether, butyl acetate, isobutyl alcohol, isopropanol and ethanol. The waterproof adhesive is directly sprayed onto treated cement concrete pavement, bridge surface or steel bridge surfaces, and has low viscosity, high permeability, high waterproof performance, high adhesive force, high compatibility with and high affinity to asphalt concrete in a paved layer, the coating has high toughness and strength, the adhesive force for cement of the adhesive can reach over 1.2Mpa and the adhesive force for steel plate can reach over 1.5Mpa; meanwhile, the adhesive disclosed by the invention is nontoxic, safe and environmentally friendly, and the total content of benzene series is not more than 0.5g/kg.