With the rapid development of highway construction and rehabilitation, more and more waste asphalt mixture is produced. The waste is under great environment pressure. The reuse of the waste is urgent. Foamed asphalt cold recycling is a solution. In this paper, the foaming abilities of different kinds of asphalts are tested and the best foaming asphalt is found out. Then, the RAP is evaluated. Finally, the properties of the cold recycling mixture are studied. As a comparison, two different gradations with different amount of RAP are designed and their performances are evaluated. By all these tests, it is illustrated that the cold recycled asphalt mixture with foamed asphalt can fulfill all the technical requirements. The foamed asphalt mixture began its first use in Beijing and exhibits well.