Mixing the composite phase change material (CPCM) to asphalt mixture is a new way to solve the worldwide problem of the low-temperature cracking and high temperature rutting of the asphalt pavement. Asphalt mixture with CPCM can remain in the ideal working temperature range for a relatively long time. This paper analyzes the influence of the contents of CPCM on its road performance by laboratory testing. The study shows that mixing CPCM to asphalt mixture had little effect to the optimal asphalt content. For CPCM prepared by polymer shape-stabilized method, the high-temperature stability and the water stability of asphalt mixture increases firstly and then decreases the low-temperature anti-cracking stability decreases firstly and then increases with the increasing of CPCM. For CPCM prepared by carrier-adsorbed packaging process, the high-temperature stability decreases, low-temperature anti-cracking stability decreases firstly and then increases, the water stability increases firstly and then decreases with increasing of CPCM. The results indicate that CPCM has significant influences on its road performance. The optimal content of CPCM is around 0.3%.