The study examines the effects of modifying PG 64-22 asphalt binder with Crumb Rubber Modifier (CRM) and processed oil on its properties. The binder was tested at different temperatures, and different amounts of CRM and processed oil were added to the binder. The modified binders were also aged using different procedures. The study found that adding processed oil to CRM-modified binders reduces viscosity and improves workability, while CRM improves the rutting resistance. However, the addition of processed oil reduces the binder’s rutting performance. The study also found that CRM and processed oil improve the low temperature cracking resistance. The study’s results indicate that co-modifying CRM binders with processed oil resulted in a significant reduction in viscosity values, resulting in improved workability. The results also showed that increasing the processed oil concentration from 6% to 12% caused a viscosity reduction of 27%, 34%, 33%, and 31% for modified binders containing 0, 5%, 10%, and 15% CRM, respectively. Even though the addition of processed oil results in a reduction in the rutting performance of asphalt binder, the addition of CRM significantly improved the rutting resistance of asphalt binders. The CRM binder containing processed oil decreased the G*sin δ values, and the content of 6% processed oil containing 5%, 10%, and 15% CRM decreased by 28%, 17%, and 11%, respectively, while the 12% processed oil-modified asphalt binder showed a reduction in G*sin δ by 5%, 13%, and 22%, respectively. The BBR results for modified asphalt binders showed that the incorporation of CRM and processed oil improved the low temperature cracking resistance significantly. The stiffness values with 6% processed oil containing 5%, 10%, and 15% CRM were observed to be 118, 97, and 80 MPa, respectively, while at the same temperature for the same CRM contents with 12% processed oil, the stiffness values were found to be 89, 72, and 56 MPa, respectively.