With　global　warming　in　recent　years,　extreme　weather　conditions　have　increased　in　frequency　and　intensity,　exacerbating　the　challenges　for　waterproofing　materials.　The　current　stages　of　SBS　asphalt　waterproofing　membrane　aging　research　mainly　focus　on　the　raw　materials　and　modifiers　in　a　single　factor;　multifactor-coupled　aging　research　is　less　studied.　This　study　focused　on　the　coupled　aging　characteristics　of　SBS-modified　asphalt　waterproofing　membranes,　aiming　to　reveal　the　mechanism　of　its　influence　on　the　material＇s　performance　under　the　environmental　effects　of　high　temperature　and　freeze-thaw.　Through　the　accelerated　aging　test,　we　simulated　the　environmental　conditions　of　high　temperature　in　summer　and　freeze-thaw　in　winter　to　observe　the　mechanical　properties　of　waterproofing　membranes,　low-temperature　flexibility,　and　apparent　phenomena.　Then,　Fourier　transform　infrared　spectroscopy　(FTIR)　evaluated　the　performance　and　chemical　structure　of　SBS-modified　asphalt　waterproofing　membranes　after　aging　by　the　coupled　aging　of　the　thermo-oxidative　freeze-thaw　cycle.　The　results　showed　that　the　low-temperature　flexibility　of　the　waterproofing　membranes　was　significantly　reduced　after　the　coupled　aging　effect,　and,　at　the　same　time,　their　tensile　strength　was　also　reduced.　However,　despite　the　tensile　properties　being　impaired,　the　membrane　maintained　good　ductility,　and　its　elongation　at　break　did　not　fall　below　47%.