EPS (Expanded polystyrene) is widely used in construction and packaging industries. Unfortunately, EPS is not mostly recyclable because it might not be economically feasible to store, transport, and process EPS so that it becomes recyclable. Therefore, alternative waste management strategies are urgently needed. The main objective of this study is to experimentally investigate the potential use of waste EPS in asphalt binder modification. As part of this study, a base asphalt binder with a Penetration grade of 70/100 was modified with waste EPS in four different ratios (0%, 1.5%, 3% and 4.5%, by weight of asphalt binder). The modified asphalt binder specimens were tested based on several physical (penetration, ductility, softening points and viscosity) as well as rheological/Superpave binder grading system tests including Rolling Thin Film Oven (RTFO), Pressure Aging Vessel (PAV), Dynamic Shear Rheometer (DSR), and Bending Beam Rheometer (BBR). Based on the tests results, rheological and engineering properties of the modified asphalt binders were compared with the ones of the base binder so that effect of waste EPS addition on the properties of the base binder was evaluated; and how the Superpave binder grades of the modified binders were changed with the additions of waste EPS was discussed. It was found out that modifying asphalt binders with EPS provided them with a better rutting resistance at the expense of lowering their fatigue and low temperature cracking resistance. Overall, it could be concluded that waste EPS can be potentially used in the asphalt binder modification by paying special attention to these factors, and it should be noted that using waste EPS in the asphalt binder modification has many economic and environmental benefits.