AbstractTo explore the effect of waterborne polyurethane (WPU) on the performance of styrene-butadiene rubber (SBR) emulsified asphalt and broaden the application range of polymer-modified emulsified asphalt, WPU-SBR-modified emulsified asphalt with 0%, 3%, 6%, 9%, and 12% WPU was prepared. The penetration, softening point, ductility, and storage stability tests were used to explore the effect of different contents of WPU on composite-modified emulsified asphalt. Meanwhile, the rheological properties of five modified emulsified asphalts were analyzed by temperature scanning test, multiple stress creep recovery test, and low-temperature bending creep test. The results show that the addition of WPU improved the performance of SBR emulsified asphalt, and the improvement effect varied with the addition amount. With the increase of WPU content, the penetration and unrecoverable creep compliance Jnr of WPU-SBR-modified emulsified asphalt gradually decreased, and the softening point, rutting factor G*/sinδ, and creep recovery rate R gradually increased, indicating that the high-temperature stability of modified emulsified asphalt was enhanced, and when the WPU content was 9%, the best improvement effect was obtained. However, excessive content of WPU will deteriorate the low-temperature performance of WPU-SBR-modified emulsified asphalt, and thus the content of WPU should be appropriately selected in practical engineering applications.