Disclosed are a rubber latex and a method of preparing the same. The rubber latex comprises a diene based rubber polymer core and a multilayer shell structure wherein an aromatic or non-aromatic polymer having an unsaturated double bond and a diene based polymer are alternatively laminated on the core. When a rubber reinforced graft copolymer is prepared through emulsion polymerization of the rubber latex, a product having excellent impact resistance and colorability may be provided.