A　traditional　cold　recycled　mixture　with　bitumen　emulsion　(CRMB)　has　a　relatively　low　cracking　resistance　and　moisture　susceptibility,　which　greatly　limits　its　application　scope.　A　rejuvenating　agent　was　employed　to　improve　the　pavement　properties　of　CRMB.　To　avoid　the　rejuvenating　agent　having　an　adverse　effect　on　the　new　bitumen,　reclaimed　asphalt　pavement　(RAP)　was　firstly　treated　by　the　rejuvenating　agent,　and　the　effect　of　rejuvenating　time　on　the　pavement　properties　of　CRMB　was　investigated.　Results　indicate　that　the　addition　of　a　rejuvenating　agent　can　greatly　improve　the　ductility　and　moisture　susceptibility　of　CRMB.　Meanwhile,　although　the　rejuvenating　agent　can　soften　aged　bitumen,　the　addition　of　a　rejuvenating　agent　can　still　increase　the　indirect　tensile　strength　of　CRMB　and　does　not　greatly　reduce　the　rutting　resistance　of　CRMB.　This　phenomenon　exists　because　the　rejuvenating　agent　can　be　both　beneficial　to　the　membrane　structure　of　the　bitumen　emulsion　mastic　and　aged　bitumen.　It　can　also　greatly　improve　the　bonding　interface　between　RAP　and　the　bitumen　emulsion　mastic.　The　rejuvenating　time　between　RAP　and　the　rejuvenating　agent　can　affect　the　pavement　properties　of　CRMB.　To　obtain　better　pavement　properties,　the　optimum　recommended　rejuvenating　time　is　between　5　and　7　days.　Overall,　the　addition　of　rejuvenating　agent　can　be　a　good　choice　to　improve　the　pavement　properties　of　CRMB.