The invention provides a method of preparing and constructing a rubber asphalt waterproof paint without a bulge defect. The method comprises the steps of removing laitance and sundries on the surface of a concrete base surface with a quality defect; aiming at the dried concrete base surface, taking the rubber asphalt waterproof paint as a component A, taking a curing agent as a component B, and separately spraying the component A to the concrete base surface; spraying the component A and the component B when the concrete base surface of the component A is sprayed, and adding a wetting agent and a coupling agent into rubber asphalt waterproof paint; aiming at humid concrete base surface or the concrete base surface with open water, taking the rubber asphalt waterproof paint as the component A, taking a curing agent as the component B, spreading a thin layer of base layer processing agent used for absorbing and storing moisture on the concrete base surface, and brushing until the base layer processing agent is uniform by either a brush or a roller; and simultaneously spraying the component A and the component B on the concrete base surface.