To make full use of the regenerative value of waste cooking oil, and to solve the environmental pollution and food security issues caused by waste cooking oil, waste cooking oil was suggested for use in asphalt. Waste cooking oil was used to adjust the performance of virgin and aged asphalt. This review article summarizes research progress on the performance of asphalt and asphalt mixture with waste cooking oil. The results showed that a moderate dosage of waste cooking oil will improved the low-temperature performance and construction workability of petroleum asphalt and aged asphalt. The mixing and compaction temperature of asphalt mixture with waste cooking oil are reduced by up to 15 °C. The rutting resistance and fatigue resistance of modified asphalt and modified asphalt mixture with waste cooking oil are damaged. After the addition of waste cooking oil in aged asphalt, the high-temperature performance and shear rheologic property of aged asphalt will be recovered. The regeneration effect of waste cooking oil on aged asphalt and aged asphalt mixture is close to that of a traditional regeneration agent, and the partial performance of asphalt or asphalt mixture with waste cooking oil is better. There is no chemical reaction between waste cooking oil and asphalt, but the asphalt component and absorption peak intensity of partial functional groups are changed. The light components content of asphalt binder is usually increased. Further research regarding the engineering application of asphalt mixture with waste cooking oil should be conducted. The method for improving the performance of asphalt and asphalt mixture with waste cooking oil will be mainly researched.