The growing amount of waste toner (WT) has posed a significant environmental challenge. Meanwhile, researchers are interested in the feasibility of utilizing waste toner as an asphalt binder modifier because its primary chemical components (Styrene-acrylic copolymer and carbon black) are known to improve asphalt properties. The objective of this study was to evaluate the chemical and rheological properties of the waste-toner-modified asphalt binder and hence determine the suitability of integrating waste toner for asphalt modification. The waste-toner-modified asphalt (TMA) binders were produced by blending base asphalt with two types of waste toners of different gradation sizes. Microscopic tests such as x-ray fluorescence (XRF), attenuated total reflectance transform infrared spectroscopy (ATR-FTIR), and scanning electron microscopy with energy dispersive X-ray (SEM-EDS) and fluorescence microscope, as well as rheology tests such as multiple stress creep recovery (MSCR) tests, oscillation tests, and bending beam rheometer tests were performed. The FTIR results showed that there was a chemical reaction between waste toners and base asphalt binder. A fluorescence effect was observed on the binders produced with different toners used in this research. The binder modified with an optimal content of 8%WTs revealed better high and low-temperature properties. Additionally, 8%WTs used in this research could change the PG70-22 binder to PG76-22 binder. The rutting properties of asphalt material were improved for its improved elasticity. In addition, the 200-mesh TMA binders were desirable with respect to waste toner particle size. Overall, there is a benefit to using waste toner in the asphalt industry.