Cracking of emulsified asphalt cold recycled pavement is one of the main reasons that restrict its large-scale popularization and use. In order to study the evaluation index of the fracture performance of cold recycled asphalt mixture and the improvement measures of anti-cracking performance. The four-point bending strength test and acoustic emission test of the beam with prefabricated cracks were carried out on three kinds of cold recycled mixtures, including ordinary emulsified asphalt, basalt fiber and SBR (Styrene-butadiene Rubber) modified emulsified asphalt. The fracture performance of three different emulsified asphalt cold recycled mixtures were compared and analyzed by using the parameters of strain energy release rate, stress intensity factor, energy collected in acoustic emission test and ringing count-impact number as evaluation indexes. The test results show that both the use of SBR modified emulsified asphalt and the addition of basalt fibers can significantly improve the fracture resistance of the cold recycled emulsified asphalt mixture. And compared with the use of SBR modified emulsified asphalt, the addition of basalt is more effective. The parameters of ringing count and impact number can better describe the fracture characteristics of materials. There is a good correlation between the results of acoustic emission test and the calculation results of fracture mechanics parameters. The acoustic emission signal parameters can well describe the fracture characteristics of emulsified asphalt cold recycled mixture in the four-point bending test. The research results of this paper will provide some reference for the design of fracture resistance of emulsified asphalt cold recycled mixture and the application of acoustic emission technology in the research of cold recycled mixture.