In seasonal frozen soil areas, the repeated freeze–thaw cycle of internal moisture in asphalt mixture in winter and spring will accelerate the peeling of asphalt film and aggravate the water damage of asphalt pavement. It is of great significance to carry out the attenuation law of mechanical properties of asphalt mixture under freeze–thaw cycles to prevent and reduce the economic losses caused by water damage to asphalt pavement. This study will investigate the impact of deicer application on the water stability of asphalt mixtures within the climatic conditions prevalent in Northwest China. Specifically, freeze–thaw cycle tests were administered to two types of dense-graded asphalt mixtures under three distinct deicer solutions and three disparate low-temperature environments. The Marshall water immersion test and freeze–thaw splitting test were employed to evaluate the water stability of asphalt mixtures subject to multiple factors, and the relative importance of each factor was statistically analyzed using the acquired data. Results demonstrated that AC-13 and AC-16 asphalt mixtures (AC is asphalt-concrete, which is asphalt concrete, and 13 or 16 represents the maximum particle size of aggregate (13 mm or 16 mm)), saturated in 15% CH4N2O, 20% NaCl, and 20% CH2CH3OH solutions, underwent a varying number of freezing–thawing cycles (0, 5, 10, 15, 20, 25, and 30) at temperatures of −5 °C, −15 °C, and −25 °C, respectively, displayed a discernible decline in their residual stability MS0 and freeze–thaw splitting tensile strength ratio TSR. This decline was particularly marked when temperatures dropped below the solution’s freezing point. Disregarding the fixed factors of weather variation (different low-temperature environments) and road service duration (number of freezing–thawing cycles), the aggregate grading imposed a more pronounced influence on asphalt mixture water stability than the presence of deicers.