In this study, asphalt concrete specimens were subjected to a semicircle bending test at −10 °C to simulate the process of the development of cracks in asphalt concrete at low temperature. The acoustic emission parameters were collected during the test, the variation characteristics of acoustic emission parameters were analyzed, and the peakedness value was introduced to evaluate the damage of asphalt concrete. The dynamic evolution of fracture development was analyzed by periods with acoustic emission source location. The results indicate that the damage of asphalt mixtures shows an obvious brittle characteristic at low temperature, acoustic emission signals mainly originate from the crack damage caused by tensile stress, and the strength and number of signals can reflect the degree of crack development. Based on acoustic emission parameters and load curves, the cracking damage of asphalt concrete at low temperature in this study can be divided into three periods: a calm period, a stable development period, and a rapid fracture period. The crack point occurred and propagated upward rapidly in the rapid fracture period. During this period, acoustic emission parameters such as ringing count, acoustic emission energy, and amplitude increased suddenly; furthermore, the peakedness value reached its peak in this period and corresponded well with the low-temperature damage of asphalt concrete. Acoustic emission source location technology can track position of crack points and the propagation path of cracks, reflecting the dynamic evolution process of asphalt concrete crack damage at low temperature.