Despite significant economic and environmental benefits, performance of warm mix asphalt (WMA) containing reclaimed asphalt pavement (RAP) remains a matter of concern. Among the current WMA technologies, the plant foaming technique (called “foamed WMA” in this study) has gained the most attention, since it eliminates the need for chemical additives. In the present study, the laboratory performance, namely rutting and moisture-induced damage potential of foamed WMA containing RAP were evaluated and compared with those of similar hot mix asphalt (HMA) containing identical amount of RAP. Dynamic modulus, Hamburg wheel tracking (HWT) and flow number tests were performed to assess the rutting resistance of the mixes. Also, stripping inflection point from HWT tests and tensile strength ratio after AASHTO T 283 and moisture induced sensitivity test (MIST) conditioning were used to evaluate the moisture-induced damage of asphalt mixes. It was found that MIST conditioning effectively simulates the moisture-induced damage and can capture the propensity of asphalt mixes to moisture damage more distinctly compared to AASHTO T 283 method due to application of cyclic loadings. The foamed WMA was found to exhibit higher rutting and moisture-induced damage potential due to lower mixing and compaction temperatures compared to HMA. However, the increase in RAP content was found to reduce rutting and moisture-induced damage potential for WMA. Therefore, the lower stiffness of foamed WMA may be compensated with the addition of stiffer binder from RAP.