The invention relates to a high-ductility low-contraction emulsified bitumen mixture used for road and its preparation method. The mixture used for road comprises the following raw materials by volume ratio: 56-85% of basalt aggregates; 6-10% of SBS modified cation emulsified bitumen, 6-22% of oil tanning leather particles, 2-5% of limestone ore powder, 1-4% of cement and 0-3% of water; wherein the sum of total volume percentage of the above raw materials is 100%. The preparation method comprises the following steps: mixing the basalt aggregates and the oil tanning leather particles, adding the limestone ore powder and cement for uniformly mixing; and finally adding the limestone and water for uniformly mixing. The high-ductility low-contraction emulsified bitumen mixture fully uses the oil tanning leather, satisfies the performance requirement of the mixture used for road, greatly increases the toughness of the emulsified bitumen mixture, and obviously reduces the drying and contraction performances.