In order to explore the applicability of the rejuvenated asphalt with wood tar as the main raw material, the orthogonal test was used to determine the optimal ratio of wood tar-based rejuvenator. The physical properties, rheological properties and components of matrix asphalt, aged asphalt, wood tar-based rejuvenated asphalt and commercial RA-102# rejuvenated asphalt were tested and compared. The results show that the optimal ratio of wood tar-based rejuvenator is 15wt% wood tar, 0.3wt% biomass fiber, 5wt% plasticizer, 0.3wt% compatibilizer, and 1wt% stabilizer of the mass of aged asphalt. Wood tar-based rejuvenator can restore the physical properties of the aged asphalt to meet the specification requirements. The synergistic effect of biomass fiber and plasticizer make the wood tar-based rejuvenated asphalt has good resistance to accumulated permanent deformation, but its low-temperature cracking resistance needs to be further improved. During the rejuvenation process of aged asphalt, the colloidal state changes from gel-state to sol-state, characterizing that the viscosity of asphalt decreased and the fluidity increased. Wood tar-based rejuvenator can react with aged asphalt to weaken the vibration strength of carbonyl and sulfoxide groups, so as to realize the recovery of service performance. Wood tar-based rejuvenator has better environmental protection and applicability, which is worthy of further study and promotion.