An experimental investigation was conducted on a three-phase cement-asphalt emulsion composite (CAEC), in which asphalt was introduced as a cushion layer in between coarse aggregates and cement mortar matrix by dispersing asphalt emulsion-coated coarse aggregates into cement mortar matrix. Laboratory tests on fatigue, strength, rigidity, temperature susceptibility, and stress-strain relationship were implemented to evaluate the mechanical properties of the CAEC. The preliminary test results showed that CAEC possessed most of the characteristics of both cement and asphalt, namely the longer fatigue life and lower temperature susceptibility of cement concrete, and higher toughness and flexibility of asphalt concrete. This experimental study suggested that CAEC might be an alternative way of a base course material in pavement.