Asphalt emulsion is manufactured by the emulsification of asphalt, and is considered as an energy-saving, ecologically safe material because it does not need any heating processes with gas emission and fire hazard in its use. This study is concerned with evaluating the feasibility of the use of an asphalt emulsion as a poly-meric admixture. Asphalt-modified mortars using an experimentally manufactured asphalt emulsion were prepared with various polymer-cement ratios, and tested far the mechanical properties such as strengths and adhesion and the properties related to durability such as water absorption, permeation, carbonation and chloride ion penetration. As a result, the waterproofness, carbonation resistance and chloride ion penetration resistance of the asphalt-modified mortars were markedly improved with an increase in the polymer-cement ratio, but their compressive strength and adhesion to mortar substrates were reduced with increasing polymer-cement ratio. Therefore, it is recommended to control their polymer-cement ratio to be $10\%$ or lower in their practical applications. Further study to improve their compressive strength and adhesion is needed.