In this paper, asphalt and asphalt mortar are aged in different periods of time by pressure aging vessel (PAV). Systematic tests are made on aged asphalt and asphalt mortar of different aging levels to gain performance indexes such as dynamic shear modulus, phase angle, bending creep stiffness under low temperature, bending creep rate under low temperature, direct tension tensile strength and direct tension failure strain. These indexes are then used to analyze the relationship and regularity between asphalt mortar’ test indexes and high temperature stability, fatigue resistance and anti-cracking performance under low temperature. The test results show that asphalt mortar’ high temperature stability is strengthened as the aging time is prolonged, that the asphalt mortar’ fatigue resistance is reduced when the temperature drops, and that anti-cracking performance under low temperature is weakened when the aging time is extended. In addition, cracking under low temperature was more liable to occur when fine ores are added. As the brittle point tends to increase when the temperature gets lower, cracking is more likely to occur on the asphalt mortar.