The invention provides modified emulsified asphalt, crack filling glue comprising the same and a preparation method of the crack filling glue. The crack filling glue is prepared from the compositions of, by mass, 98-100 parts of modified emulsified asphalt, 2-4 parts of accelerator, 2-8 parts of water-proofing agent, 11-15 parts of regenerant, 5-10 parts of tackifier, 5-11 parts of cosolvent, 2-6 parts of stabilizer, 15-25 parts of diluent, 6-20 parts of rubber powder and 5-10 parts of additive. The novel pavement cold-filling crack filling glue material is a single-composition rubber-treated cold-filling emulsified asphalt crack sealing material for filling the crack in the pavement surface, a protection barrier is provided, moisture is prevented from entering the road surface, and the product is economical and easy to use.