This paper focuses on the freeze-thaw cycles (F-T cycles) resistance of porous asphalt mixture (PAM) with different air voids in order to explore the gradation of the PAM suitable for seasonal freezing regions. Three sets of PAMs with 18%, 21%, and 25% air voids were designed. After 0–20 F-T cycles, the effects of F-T cycles on the performance degradation of three groups of PAMs were studied by performing a low-temperature splitting test with acoustic emission technology, a normal temperature splitting test, a compression test, a Cantabro particle loss test, and a dynamic creep test. The results show that the damage process of PAM caused by multiple F-T cycles could be more clearly defined by acoustic emission parameters. In addition, the larger the air void, the smaller its indirect tensile strength and compression strength, and the worse its particle loss resistance and high-temperature stability, which made the adverse effect of F-T cycles more significant. Therefore, the air void of PAM used in seasonal freezing regions is suggested to be less than 21%.