Growing traffic loads, soaring summer temperatures, and moisture damage will render conventional asphalt binder insufficient to maintain the performance standards of asphalt concrete pavement. Thus, it is necessary to modify the virgin asphalt using various polymers or nanomaterials. The primary goal of this research was to examine the rheological effects of combining multiple-walled carbon nanotubes (MWCNTs) and styrene butadiene styrene (SBS) in an asphalt binder. In this study, MWCNTs and SBS were mixed with virgin asphalt at concentrations of 1%, 3%, and 5% by weight. The performance grade (PG) and asphalt binder qualities were determined through Superpave system testing. The addition of 1% MWCNTs had no effect on the (PG) of virgin asphalt, whereas the addition of 3% and 5% MWCNTs resulted in increases of 2° and 4°, respectively. When 1% SBS is added to asphalt, the PG rises by an average of 1°; when 3% and 5% SBS are used, the PG rises by an average of 2° and 3°, respectively. The results also showed that the rutting parameter (G
∗
/sin) increased by 10%, 73%, and 208% when asphalt was changed with 1%, 3%, and 5% of SBS, and by 18% and 130% when MWCNTs were applied.