Emulsified bitumen is an aqueous mixture of bitumen and can be used in insulation and coating applications. In this study, used automotive oil was utilized as a component in bitumen emulsion formulation. Five formulations of bitumen emulsion comprising different ratios of neat bitumen and recycled automotive oil were formulated, namely EMB01–EMB05. The formulation utilized 1 g of abietic acid (C20H30O2) as an emulsifier. The formulated bitumen was characterized for penetration, softening point, differential scanning calorimetry, viscosity, and oscillatory test, and the results were compared to commercial bitumen emulsion (ATLAS bitumen emulsion). The results show that EMB05 has softer consistency, high viscosity, temperature susceptibility, higher thermal stability, and an adaptable viscoelastic range compared to other formulations that provide suitable properties for coating and insulation of wall waterproof material.