With the development of highway transportation and automotive industry, there have been a large number of waste rubber and waste asphalt mixture. If they cannot be recycled in time, it will not only become a waste of resources, but also cause serious environmental pollution. For the comprehensive utilization of waste resources, the asphalt recycling agent is developed using waste rubber by microwave treatment in light components agents. The flexibility and consistency with aged asphalt of old rubber are all improved by adding appropriate light-component auxiliary agent and the treatment of microwave processing technology. According to high and low temperature performance and anti-aging properties of recycling asphalt, orthogonal tests are designed to determine the reasonable ratio of raw material and the conditions of technology by penetration, softening point, ductility and penetration ratio and ductility after rolling thin film oven test (RTFOT).Test results and analysis indicate that the optimum proportion are 40% of DOP, 40% of aromatic oil, 20% of rubber powder and 0.5% of the total of anti-aging agent. The optimum conditions are 900w of microwave power and 10min of the processing time. Studies show that 10% of the recycling agent can effectively supplement missing components and restore colloidal structure and rheological performance of aged asphalt.