The styrene-butadiene latex (SBL) modified cement based materials have good mobility, water retention, cohesiveness to base material, water tightness, durability, resistance to chemical corrosion, freezing and thawing resistances, good mechanical strength and extension properties. They are low cost and easy to use, therefore, are becoming more widely used. In this paper, the mixed mode and mechanism research on SBL modified cement-based materials are reviewed; the physical and mechanical properties of cement-based materials are introduced for the SBL separate modification, SBL and other latex blending modification, the SBL and fiber modification, and the SBL and admixture modification, respectively. The modified mechanisms of the SBL are discussed from three aspects: the influence of SBL on cement hydration process is due to the interactions of physics and chemistry; the latex particle dispersion and the formation of polymer film are the major cause of the effect of SBL on the microstructure; SBL changes the pore diameter, average pore diameter, pore size distribution, the most probable aperture, and the porosity of the cement based material, increasing the cohesion strength of the material. Finally, the analysis indicates that the SBL modified cement-based materials are cost-effective and environment friendly, and have a long service life and recycling value.