The objective of this research is to investigate the physiochemical and rheological properties of waste cooking oil (WCO)/styrene‐b‐butadiene‐b‐styrene/ethylene vinyl acetate (SBS/EVA) composite modified asphalt. A petroleum asphalt composite modified with SBS/EVA and oil/SBS/EVA were prepared to undergo the physical, rheological, and microscopic experiments. Comparing these tests results with the properties of unmodified petroleum asphalt, SBS and EVA cause an improvement in pavement performance, but weaken the storage stability. Although the high‐temperature performance undermined by the addition of WCO, the thermal stability, fatigue property, and low temperature crack resistance improved obviously. In addition, WCO mainly composed by low‐weight components, and these can supplement the light components in the polymer‐modified asphalt. EVA could increase the percentage of large molecular size of asphalt, while WCO relieves this trend. The reactions between WCO and these polymers (SBS and EVA) are physical reactions. Atomic force microscopy morphology results reflect that SBS and EVA increase the surface complexity and roughness, and WCO makes the asphalt surface smooth. This indicates WCO increases the dispersion of polymers in asphalt. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2020, 137, 48828.