Abstract: Asphalt pavement is a typical bulk composite material characterized by a stone aggregate skeleton and a continuous asphalt mastic phase. Low-temperature or thermal-shrinkage often cause the cracks of pavement, and aging further accelerates the cracks, which has limited the improvement of pavement service levels. High-performance rubberized asphalt developed from the growing volume of ground tire rubber can greatly reduce pavement cracking. However, the evolution of the rubber crosslinking network during processing leads to the unbalanced incompatibility of crumb tire rubber with asphalt mixture in multiscale, which has resulted in different opinions on the high-performance rubberized asphalt for pavement applications. Firstly, based on the advancements of rubberized asphalt and its structure-performance relationship, the development of rubberized asphalt technology was systematically reviewed in terms of processing in field, factory and with high-performance methods. The chemical structure and phase structure of rubber, along with its scale compatibility with asphalt mixtures were also examined. Subsequently, the fundamental properties contributing to the extended service life of high-performance rubberized asphalt were explored, including its high- and low-temperature performance, toughness, aging resistance, self-healing ability and water damage resistance. The high-performance mechanisms were further elucidated. Finally, the value of high-performance rubberized asphalt applied in the construction and maintenance of pavement was summarized. To address the issue of reflective cracking during the “white-to-black” construction, a crack-resistant pavement maintenance solution integrating material and structural design, inspired by the tire structure, was proposed. The purpose of this review is to further promote the green and high-value recycling of end-of-life tires in highway.