Emulsified asphalt is widely used as a prime coat in road engineering, especially in pavements with cement-stabilized semi-rigid bases. The objective of this paper is to develop a new emulsified asphalt with high permeability and pulling-off strength. A new type of high-permeability emulsified asphalt was prepared by using 55.2% diluted asphalt (44.16% matrix asphalt + 11.04% diluent) + 40% emulsion (2% emulsifier + 0.5% stabilizer + 1% osmotic agent + 1% op-10 + 35.5% water) + 4.8% aromatic oil. The storage stability was verified to be better, and the penetrating rate and depth were increased largely compared to the traditional products. To improve pulling-off strength, the high-permeability emulsified asphalt was further modified by mixing with 20% water-based epoxy resin and a curing agent. The penetration, pull-off, and shear strength tests were also conducted. It can be found that the permeability, adhesive, and water-resisting properties of the modified high-permeability emulsified asphalt can be further improved to a certain degree.