Abstract: An asphalt waterproof composition containing waste tire chips and bentonite which includes about 10-15 of asphalt, about 20-50 of oil, about 8-12 of filler, about 1-3.5 of elasticity increasing agent, about 25-40 of waste tire chips melting solution, about 0.5-1 of sulfur, about 0.05-1 of sulfur vulcanizing agent, about 0.1-0.4 of antiaging agent, about 10-20 of bentonite, about 1-5 of water soluble high polymer resin by weight, respectively, and the process for the preparation of its manufacture.