The increased demand for asphalt and other materials involved in the construction of pavement led to an increase in the cost of these materials, which calls for searching for alternatives to virgin materials that can be used to produce asphalt mixtures. Reclaimed asphalt pavement (RAP) was employed in this study and regenerated using oxidized asphalt modified with waste engine oil (WEO). This method can achieve economic and environmental benefits. After improving the properties of oxidized asphalt using WEO, it was used with reclaimed asphalt mixtures (RAP). When the RAP was added at ratios of 20, 30, 40, and 50%, an improvement can be noticed in the mechanical performance of the asphalt mixtures renewed with oxidized asphalt and WEO and an increase in its resistance to stripping. When reclaimed asphalt pavement (RAP) is added to hot mix asphalt (HMA) at concentrations of 20, 30, 40, and 50%, respectively, the Marshall stability of HMA is improved by 10, 20, 28, and 9.5%, the flow is declined by 1% for all ratios of RAP except for 50% RAP where the flow decline by 3%, the unit weight is enhanced, the quantity of air voids in the mix is preserved within allowable ranges, and the resistance to stripping is increased by 62, 77, 85, and 76%, respectively. Research also shows that incorporating 40% RAP enhances the resistance to moisture by about 5.9%. The addition of 40% RAP reduced the Cantabro loss values by about 2 and 16% for both aging and non-aging samples, respectively. The rutting resistance increased by 50 and 47% for mixes with 40% RAP at 50 and 60°C, respectively. As a result, it became evident that mixtures containing RAP material could be effectively adapted to satisfy the relevant volumetric and performance requirements.