Based on the characteristics of SBS modified asphalt (SBSMA) and crumb rubber modified asphalt (CRMA), crumb rubber and SBS composites modified asphalt (CR/SBSCMA) technology is proposed combine the advantages of crumb rubber and SBS. The preparation technology and production process factors have been discussed in this work. Moreover, the performance comparison results of three modified asphalts confirms that CR/SBSCMA could achieve good high and low temperature performance with low content of SBS and crumb rubber. Furthermore, the separation behavior of CR/SBSCMA has been analyzed, the experimental results indicate that the separation behavior of CR/SBSCMA is caused by the sinkage of rubber particles as well as CRMA. However, the softening point difference of CR/SBSCMA after separation test is smaller greatly than CRMA due to the prevention of SBS particles.