The strength of EACRM (emulsified asphalt cold recycled mixture) is closely related to the properties and proportion of raw materials. In this paper, the strength formation mechanism of EACRM was first studied through microscopic analysis, and the influence regular of aggregate gradation, emulsified asphalt, water consumption, cement consumption, and other factors on its strength was analyzed through a series of laboratory tests. The analysis results show that the asphalt binder plays the role of cementing material in cement emulsified asphalt mortar. The combination of cement and emulsified asphalt is a physical combination. The hydration product not only increases the viscosity of asphalt cement, but also makes the surface of asphalt cement become uneven, which increases the adhesion area with the aggregate. Therefore, the microstructure of the interface between mortar and aggregate is improved. The bonding force of the interface and the mechanical properties of concrete are improved. Due to the influence of recycled asphalt pavement (RAP) materials, the excessive amount of emulsified asphalt and cement are not conducive to improve the strength of cold recycled mixture. Through experiments, the optimal amount of emulsified asphalt and cement is determined as 2.9% and 1.5%, respectively, for the RAP materials. At the same time, improving the performance of emulsified asphalt and adding quicklime and organic activator are also helpful to improve the strength of a cold recycled mixture.