Styrene butadiene rubber (SBR) active emulsified asphalt can activate aged asphalt of old pavement. However, the engineering application is limited due to its poor high-temperature stability and insufficient adhesion. To solve the performance shortcomings of SBR active emulsified asphalt performance, waterborne epoxy resin (WER) was used for composite modification. The evaporation residue was obtained by the modified low-temperature evaporation method. The effects of WER dosage on the basic physical properties, adhesion, dynamic rheological properties, low-temperature creep properties and reducibility of SBR active emulsified asphalt were analyzed. The results show that with incorporation of WER, the penetration of SBR active emulsified asphalt decreases significantly, the softening point increases significantly, but the ductility decreases. WER can significantly improve the high-temperature stability of SBR active emulsified asphalt, but has an adverse impact on its low-temperature ductility properties. In addition, WER significantly enhances the adhesion of SBR active emulsified asphalt. The complex shear modulus (G*) and rutting factor (G*/sin δ) increase, while phase angle (δ) decreases with the increase of WER dosage, implying that the high-temperature rutting resistance of SBR active emulsified asphalt is improved. Furthermore, with the increase of WER dosage, the stiffness modulus (S) and the creep rate (M) of SBR active emulsified asphalt show an increasing and decreasing trend, respectively. The incorporation of WER has little effect on the reducibility of SBR active emulsified asphalt. Based on the experimental results, the dosage of WER should be controlled in 10%~15% (mass fraction).