This article is intended to investigate the microwave heating performance of asphalt mixtures containing magnetite powders (MPAM). For this purpose, the surface temperatures of asphalt mixtures containing different dosages of magnetite powders were measured during microwave heating. The low-temperature bending test and water sensitivity test were also conducted to evaluate the performance of MPAM. Heating rate and reflection loss of different thicknesses of MPAM were determined using a microwave heating test and arch reflectivity test, respectively. The results showed that because its main components are triiron tetroxide and iron oxide, which have excellent microwave-absorbing properties, magnetite powders can be used as microwave absorbers to improve the ability of microwave absorption and increase the heating rate of asphalt mixtures. The heating rate of the asphalt mixtures increased with the increase of the amount of magnetite powder. The addition of magnetite powder improved the low-temperature properties of the asphalt mixture, but it reduced the water stability of the asphalt mixture. Considering that the microwave-absorbing asphalt mixture used for melting snow and ice should have good water stability, the recommended dosage of magnetite powders was 60%. The microwave-absorbing properties of MPAM were related to its thickness in the pavement structure and frequency of microwaves. In order to greatly enhance the absorbing efficiency, future work should be focused on matching thickness and matching frequency.