The invention discloses a film-mulching method for a waterproof coiled material and the waterproof coiled material. The method provided by the invention comprises a base substrate laying process, an asphalt preimpregnating and coating process, an asphalt cooling process and an isolation film laying process, wherein the isolation film laying process is a process of laying a polyethylene isolation film on an asphalt layer to form an upper polyethylene film layer, a lower polyethylene film layer and reserved edges; additionally, the method also comprises an air-pipe film-blowing process and a brush film-pressing process, wherein the air-pipe film-blowing process is a process of allowing a lower reserved edge to coat the side part of the waterproof coiled material along a layer arrangement direction of the waterproof coiled material and to extend to be adhered to the surfaces of two ends of an upper modified asphalt layer; and the brush film-pressing process is a process of allowing an upper reserved edge to be folded and pressed to adhere to the surfaces of two ends of the upper modified asphalt layer along the laying direction of the upper modified asphalt layer. The waterproof coiled material provided by the invention can avoid the problem of difficult tearing due to easy bonding between an original reserved edge PE film and a PE packaging film, and guarantees effective application of the PE packaging film.