To effectively utilize waste mask materials in road engineering and minimize resource waste, the melt-blown fabric (MBF) of waste masks was utilized to modify the virgin bitumen. The preparation process of MBF-modified bitumen was investigated, and the physical and rheological properties of bitumen were measured. Subsequently, the blending mechanism during preparation and the dispersion morphology of the modifier were explored. Finally, the pavement performance of the mixture was investigated, and a radar chart analysis was performed to quantitatively assess the effects of MBF modification. Results suggested that the recommended preparation process of shear time, shear rate, and shear temperature was 170 °C, 4000 r/min, and 15 min, respectively. MBF enhanced the high-temperature stability of the binder and weakened the temperature susceptibility. The modification was primarily a physical process. No network structure and agglomeration formed in the bitumen after modification. The addition of MBF significantly improved the resistance of the asphalt mixture to a high-temperature deformation and water damage but harmed its low-temperature crack resistance. The comprehensive assessment results of 0% (f1), 1% (f2), 3% (f3), and 5% (f4) MBF to improve the properties of the mixture were in the following order: f3>f4>f2>f1, where the impact of 3% MBF was the most significant, followed by 5% and 1% MBF.