A kind of hybrid fiber was added into asphalt mixtures with the purpose of gaining pavement material with higher performance-to-price ratio. The hybrid fiber was constitutive of cellulose fiber and polyester fiber in several different proportions. Superpave mix design procedure was used to prepare hybrid fiber reinforced asphalt mixtures. Different kinds of specimens were formed with optimum asphalt content. Prolonged rutting test was conducted for the investigation of pave pavement properties of asphalt concrete. Test results show that hybrid fiber reinforced asphalt mixtures have better high-temperature deformation resistance, when the proportion of cellulose fiber in hybrid fiber ranges from 20% to 60%. Three points blending test was used to evaluate the low-temperature cracking property. Data prove that hybrid fiber with property proportion is of benefit to low-temperature cracking resistance. Water sensitivity test and indirect tension fatigue test were also carried out. Asphalt concrete with fiber has much better water damage resistance than that without fiber. For asphalt mixtures containing hybrid fiber, the cycle numbers to failure increase with the proportion decreasing of cellulose fiber in hybrid fiber. Making integrated analysis, hybrid fiber reinforced asphalt concrete has high performance-to-price ratio, which is propitious to spread of fiber reinforced asphalt concrete.