Open graded friction course (OGFC) is a high permeable mixture used to reduce noise, improve friction. However, limitations with the use of OGFC are due to the relatively low strength and stiffness. Therefore, investigating environmental and economic benefits, as well as service life of OGFC technology is the future of the pavement. In this study, a new modified OGFC (SM-OGFC) was prepared by replacing the fine aggregate below 4.75 mm in OGFC with the oil shale waste (OSW), and the silane coupling agent modifier was used to assist modification. The preparation process of SM-OGFC was optimized by central composite design, to obtain an SM-OGFC with the best mechanical properties. The Marshall test, rutting test, −15 °C splitting test, −10 °C beam bending test, immersion Marshall test, spring-thawing stability test, Cantabro test and permeability test were conducted to evaluate the properties of SM-OGFC. The results prove that SM-OGFC has excellent overall performance in comparison with OGFC and styrene-butadiene-styrene (SBS) modified OGFC. Furthermore, Scanning Electron Microscopy (SEM) observation illustrates that the unique laminar columnar connected structure and cell-like structure antennae of OSW could be the main reasons why SM-OGFC obtained excellent performance. Furthermore, economic analysis indicated that the SM-OGFC mixture had higher cost effectiveness.