In recent years, both dry and wet processes to include waste rubber (WR) in bituminous mixtures have had little success in Italy due to technical and economic reasons. However, the necessity to recycle this waste material and the increasing interest in low-noise emitting pavement is encouraging researchers and stakeholders to explore new solutions. In this context, a hot-mix asphalt (HMA) manufactured with polymer-modified bitumen and fine WR added through a dry method has been recently developed. This paper deals with the rheological characterization and modeling of this innovative HMA, in comparison with two reference mixtures, with ordinary polymer-modified bitumen and with an asphalt rubber binder produced through a wet process. The complex modulus was measured through uniaxial cyclic compression tests at different temperatures and frequencies. The Huet-Sayegh rheological model was used to simulate the experimental data. The results showed that the time-temperature superposition principle is valid, despite the presence of polymers and WR. The Huet-Sayegh model allows a good fitting of the dynamic modulus and loss angle data to be achieved. The viscous response of the mixture including polymer-modified bitumen and rubber powder is higher than the other HMAs, which is mainly associated with the nature of the modifiers, the binder content in the mix and the less severe short-term aging.