The invention relates to a drainage asphalt pavement cold seam material and a preparation method and application thereof. The drainage asphalt pavement cold seam material is prepared from 1 part by weight of an aqueous epoxy resin, 1.5 parts by weight of an aqueous epoxy resin curing agent, 50 to 100 parts by weight of anionic emulsified asphalt and 1 to 2 parts by weight of water. The cold seam material has low temperature stability, high temperature stability, good cohesion and water seepage effects, realizes good connection of the original pavement and newly paved pavement, reduces transverse and longitudinal cracks, prolongs a service life of the pavement, has good water permeability and smoothly discharges rain water.