The invention relates to a preparation process for waterborne epoxy resin-modified emulsified asphalt, and a method for improving the low-temperature performance of the waterborne epoxy resin-modifiedemulsified asphalt. The preparation process and the method comprise the following steps: (1) preheating matrix asphalt; (2) mixing an emulsifier with water in proportion and carrying out heating to guarantee uniform dissolving of the emulsifier; (3) putting a shearing device into a mixed emulsion, carrying out shearing, and slowly adding the matrix asphalt preheated in the step (1) into the emulsion during shearing; (4) subjecting the matrix asphalt and the emulsion to mixing and shearing so as to obtain a mixture; (5) adding waterborne epoxy resin and a curing agent into the mixture and continuing shearing after completion of addition; and (6) adding a flexibilizer into the waterborne epoxy resin-modified emulsified asphalt and carrying out shearing. According to the invention, the waterborne epoxy resin-modified emulsified asphalt is prepared by emulsification at first and modification next; the prepared waterborne epoxy resin-modified emulsified asphalt has good stability; and through addition of the flexibilizer, the low temperature performance of the waterborne epoxy resin-modified emulsified asphalt are improved, and each performance of the waterborne epoxy resin-modified emulsified asphalt is excellent.