The invention discloses a repairing material for a color asphalt pavement, and a preparation method thereof, wherein the repairing material comprises, by mass, 10-22% of a petroleum resin, 35-50% of acompatibilizer, 2-9% of a polymer, 15-50% of a viscosity reducing agent, 0.05-1.0% of a vulcanizing agent, 0.1-1.5% of an anti-aging agent, and 0.05-1.0% of an activator. According to the present invention, the repairing material has advantages of excellent high-temperature performance, excellent low-temperature performance, good stability, high softening point, strong adhesion, high low-temperature elongation rate and high low-temperature ductility, can be stored at room temperature for more than one year, and can be well mixed with color pigments at a room temperature so as to effectively repair the color asphalt pavement with small-area damage after the mixing.