The extended finite element method (XFEM) was employed for the computational modeling of internal defects within a bond layer. Furthermore, a cohesive zone model (CZM) was implemented to characterize the behavior of the bond layer in response to interactions at both the bond layer/steel plate and bond layer/asphalt paving layer interfaces. The coupling of XFEM and CZM was used for a comprehensive analysis of crack propagation within the bond layer as well as the assessment of phenomena associated with interfacial debonding and delamination. The feasibility and accuracy of the XFEM–CZM coupling method were verified by comparing it with the virtual crack closure technique (VCCT), CZM, XFEM–VCCT, and experiments. A double cantilever beam experimental model was established to simulate the process of interlayer-type cracks expanding from the inside of the bond layer to the interface between the bond layer and the upper and lower layers, causing debonding. This was undertaken to analyze the damage failure mechanism of interlayer-type cracks in asphalt paving layers of steel bridge decks; to discuss the impacts of the initial crack length, the interface stiffness, the interface strength, and the thickness of the bond layer on the performance of the overall interlayer bond strength; and to carry out the significance analysis. The results showed that the initial crack length, interface stiffness, and bond layer thickness had different effects on the expansion path of interlayer cracks. The interlayer strength decreased with an increase in the initial crack length and interface stiffness, increased with an increase in the interface strength, and decreased with an increase in the thickness of the bond layer. The interface stiffness had the most significant effect on the strength.