The invention relates to a waste polymer modified asphalt composition. The waste polymer modified asphalt composition comprises following components in parts by weight; 60-85 parts of petroleum asphalt, 6-20 parts of a waste polymer material, 1-8 parts of a compatilizer, 1-1.5 parts of SBS, 0.01-0.5 parts of a stabilizing agent, and 1-10 parts of one or more of native asphalt, coal pitch or biological asphalt. The waste polymer modified asphalt composition can well increase high-temperature storage stability of waste polymer material modified asphalt; pre-swelling performance of the polymer material and similar compatibility with asphalt are improved as the compatilizer is added; storage stability of the waste polymer material in asphalt can be improved extremely as a small quantity of SBS and a small quantity of the stabilizing agent are added; producing cost of the composition can be decreased as the native asphalt, coal pitch or biological asphalt replaces a portion of the petroleum asphalt; the prepared modified asphalt is excellent in high-temperature performance and low-temperature ductility; and the preparation method is simple, safe, and convenient for industrial application.