In the process of the rutting test, the air-void characteristics in asphalt mixture specimens are a dynamic change process. It is of great significance to systematically study the correlation between the change of air-void characteristics and the depth of the rutting slab and establish a relationship with damage. In this paper, the air-void information of rutting specimen sections with different loading cycles (500, 1000, 1500, 2000, 2500, and 3000 times) is obtained by two-dimensional image technology. The dynamic change process of the micro characteristics of internal air voids of two graded asphalt mixtures (AC-13 and AC-16) under cyclic wheel load is analyzed, and it is used as an index to characterize the microstructure damage of the asphalt mixture. The results show that the variation of air-void distribution, air-void shape characteristics, and air-void fractal dimension with the loading process can well characterize the permanent deformation law of the rutting slab. The fractal dimension of the air void increases with the increase in load. It is a dynamic process in which the air-void content changes with crack initiation and propagation. After rutting deformation, the total air-void area and average air-void size of the sample increase, and the total air-void number decreases. Because microcracks are formed in the specimen after rutting damage, the aspect ratio of the air void increases, and the roundness value decreases.