Emulsified asphalt is of valuable significance when applied to agricultural soil improvement for it can improve soil structure and thus enhance its water retention capacity. However, due to the complex chemical composition of emulsified asphalt as a petrochemical material, its utilization will inevitably have a certain impact on the agricultural soil and the underlying groundwater environment. Thus, reasonable use of emulsified asphalt relies on exploring the environmental risks of emulsified asphalt to agricultural soil and groundwater. In this study, three different types of emulsified asphalt are selected and separately added to dry soil and saturated soil respectively to simulate the state of emulsified asphalt in the vadose zone and saturated zone. The potential environmental risks of emulsified asphalt on soil and groundwater are analyzed through laboratory testing (pH meter, Atomic Absorption Spectrophotometer, Atomic Fluorescence Spectrophotometer, Gas Chromatograph, Gas Chromatography and Mass Spectroscopy, High Performance Liquid Chromatography) of heavy metal and organic compounds content in soil and water. The results show that when adding emulsified asphalt to dry soil and ensuring thorough mixing, subsequent sampling and testing reveal no significant change in the concentration of heavy metals within the soil. The concentration of TPHs (C10-C40) increases with the increase of emulsified asphalt, but it is still within the standard range After emulsified asphalt is sprayed into the saturated soil, the soil shows a water-soil-milk mixed form. After the filtering and sampling test, it is found that the cadmium, lead, TPHs (C10-C40), Benzo [a] pyrene and benzene of the water body exceed the groundwater quality standards of China. The experimental results show that the application of emulsified asphalt in farmland has a relatively small impact on the soil but poses a certain influence on the groundwater. Consequently, we need to consider the type and intended purpose of emulsified asphalt, as well as the manner in which it is utilized, to prevent contamination of groundwater resources.