Road　temperature-regulating　phase　change　materials　(PCM)　can　reduce　the　impact　of　high　temperatures　on　asphalt　pavements　in　summer.　In　this　study,　a　PCM/　SBS-modified　composite　asphalt　was　produced　by　melt　blending　of　paraffin/expanded　graphite/high-density　polyethylene　composite-shaped　phase　change　materials　(PHDP)　and　SBS-modified　asphalt.　Then　the　physical　property　tests　and　rheological　property　tests　were　conducted.　The　result　showed　that　compared　to　SBS-modified　asphalt　without　PHDP,　PHDP/SBS-modified　composite　asphalt　had　decreased　consistency　and　temperature　sensitivity,　but　increased　low-temperature　performance.　The　rotary　viscosity,　zero　shear　viscosity,　and　complex　modulus　of　PHDP/　SBS　modified　composite　asphalt　decreased　with　the　increase　of　the　content,　but　the　phase　angle　was　improved.　Therefore,　the　deformation　resistance　of　PHDP/SBS-modified　composite　asphalt　was　reduced　but　the　fatigue　performance　was　improved.　Due　to　it　containing　polymeric　structures,　PHDP/SBS-modified　composite　asphalt　still　has　good　rutting　resistance　and　elastic　recovery　ability　at　64　degrees　C.　This　study　can　provide　some　reference　value　for　the　application　of　PCMs　in　high-performance　pavement.