In order to reuse waste resources (waste engine oil and waste asphalt mixture), the regeneration process of waste oil on aged asphalt is systematically explained. The BA was treated by aging test, and the basic mechanical properties, molecular dynamics simulation, and infrared spectrum test were carried out on this basis. The results showed that the WEO can restore the physical properties of the aged asphalt, and the recommended amount of WEO is 3%. The density of the asphalt model corresponds to the actual situation of the asphalt. The aged asphalt components are more aggregated. After the WEO was added, the components of asphalt aggregation were reduced and the diffusion ability was improved. Finally, infrared spectroscopy tests were conducted on asphalt specimens, and the results showed that the process of rejuvenated asphalt was dominated by physical reactions. Consequentially, the results of this study build a bridge between the performance and simulation of aged asphalt rejuvenated by WEO. Consequentially, the results of this research promote the recycling of WEO and waste asphalt pavement materials, ultimately advocating the sustainability of pavement construction.