Abstract: A three component multi-color asphalt emulsion coating is provided in which a water-based carrier, an emulsified asphalt base and at least one globular color components are mixed together. The color components are prevented from mixing with the emulsified asphalt base by relative viscosity and colloidal strength of the color components. The resultant product has enhanced wear characteristics, and is easier and less expensive to apply than traditional roofing such as asphalt shingles. A process for forming the multi-color asphalt emulsion coating is provided wherein the water-based carrier, the emulsified asphalt base, and the globular color components are formed separately prior to first mixing the emulsified asphalt base with the water-based carrier and then blending as many prepared globular color components as desired.