It has become one of the research directions of intelligent materials for self-healing asphalt pavements to use a bionic microvascular containing oily rejuvenator. The rejuvenator in a microvascular can carry out the healing of asphalt micro-cracks, thus reducing the damage to and prolonging the life of asphalt pavement. The aim of this work was to investigate the smart self-healing capability of an asphalt/microvascular material through its microstructure and mechanical properties. Microstructure observation indicated no interface separation between the microvasculars and bitumen matrix. Micro-CT images showed that microvasculars dispersed in asphalt samples without accumulation or tangles. The phenomenon of microcracks healing without intervention was observed, which proved that the fractured asphalt sample carried out the self-healing process with the help of rejuvenator diffusing out from the broken microvasculars. The self-healing efficiency of asphalt samples was also evaluated through a tensile test considering the factors of microvasculars content, healing time and healing temperature. It was found that the tensile strength of the asphalt samples was greatly enhanced by the addition of microvasculars under a set test condition. Self-healing efficiency was enhanced with more broken microvasculars in the rupture interface of the asphalt sample. During two self-healing cycles, the self-healing efficiency of the asphalt sample with three microvascular per 1 cm2 of a broken interface were able to reach 80% and 86%. This proves that microvasculars containing rejuvenator play a practical role in the self-healing process of asphalt. With an increase in temperature from 0 to 30 °C, the self-healing capability of the asphalt samples increased dramatically. An increase in time increased the self-healing capability of the bitumen samples. At last, a preliminary mathematical model also deduced that the self-healing efficiency was determined by the individual healing steps, including release, penetration and diffusion of the rejuvenator agent.