Rubberized asphalt (RA) has been successfully applied in road engineering due to its excellent performance; however, the most widely used rubber content is about 20%.To improve the content of waste rubber and ensure its performance, seven rubberized asphalts with different powder content were prepared by high-speed shearing. Firstly, penetration, softening point, and ductility tests were carried out to investigate the conventional physical features of high-content rubberized asphalt (HCRA). Then, the dynamic shear rheometer test (DSR) was conducted to estimate the high-temperature rheological properties. The bending beam rheometer test (BBR) was carried out to evaluate the low-temperature rheological performance. Finally, combined with the macroscopic performance test, the modification mechanism was revealed by the Fourier transform infrared reflection (FTIR) test, and scanning electron microscope (SEM) analysis was used to observe the microscopic appearance before and after aging. The results show that rubberized asphalt has excellent properties in high- and low-temperature conditions, and fatigue resistance is also outstanding compared with neat asphalt. As the crumb rubber content increases, it is evident that the 40% RA performance is the best. The low-temperature properties of HCRA are better than the traditional 20% rubberized asphalt. This study provides a full test foundation for the efficient utilization of HCRA in road engineering.