REOB (Recycled Engine Oil Bottom) rejuvenated asphalt can solve the problems of environmental pollution and resource waste. In order to improve the performance of REOB rejuvenated asphalt, an SBS modifier was applied. An orthogonal test was carried out to optimize the preparation scheme of SBS/REOB-modified rejuvenated asphalt, and the physical rheological properties and microscopic mechanisms of modified rejuvenated asphalt with different SBS and REOB dosages were studied. The test results show that the optimal mixture of the SBS/REOB-modified and rejuvenated asphalt is 9% REOB + 4.5% SBS, the optimal shear time is 40 min, and the shear rate is 5000 r/min. SBS modification of the REOB rejuvenated asphalt can obtain the same excellent high temperature performance as ordinary SBS-modified asphalt, and the modification process can greatly improve the high-temperature deformation resistance of rejuvenated asphalt. After SBS modification of the REOB rejuvenated asphalt, its S value is significantly lower than the base asphalt and the REOB rejuvenated asphalt, and its m value is also greatly improved compared with the base asphalt and the REOB rejuvenated asphalt, indicating that the low-temperature performance of the modified rejuvenated asphalt is greatly improved compared with the rejuvenated asphalt and is better than the base asphalt. The fluorescence microscopic test revealed that both the modified rejuvenated asphalt and the SBS-modified new asphalt prepared in the laboratory showed a continuous asphalt phase, and the SBS phase of the modified rejuvenated asphalt could basically reach the level of finished modified asphalt.