The most common polymer-based modifier for asphalt binders is the styrene-butadiene-styrene (SBS), which owns superior mechanical characteristics to asphalt, such as increased toughness and resistance against permanent deformation. These properties improved further when higher amounts of SBS are incorporated in asphalt. Although this type of asphalt binders, named high content polymer modified asphalt (HCPMA) binders are used mainly for porous pavements, limited research on their ageing performance has been conducted. In this paper, Gel Permeation Chromatography (GPC), Fourier Transform Infrared (FTIR) and Dynamic shear rheology (DSR) were used to explore the evolution of chemical and rheological properties of HCPMA along with the ageing process and to comprehend factors affecting ageing. Firstly, this study identified that the ageing of HCPMA was a combination of oxidation of base asphalt and degradation of SBS polymer leading to an increase and a decrease of elasticity, respectively. The degradation of SBS happened mostly at the beginning and slowed down after ageing in Pressure Ageing Vessel (PAV)for 20 hours, which resulted in worst rutting resistance for HCPMA. The second finding is that, when SBS content was higher than 7.5%, more than half of SBS polymer remained even after 80 hours of PAV ageing. Although the molecular weight of SBS decreased from 230,000 to 70,000 due to the degradation, its modification effect was still significant. Thirdly, highly modification of SBS can retard the oxidation and hardening of base asphalt, especially from origin to first PAV aging state. Finally, Principal Component Analysis showed ten parameters used in this study could be explained by two principals: SBS content and asphalt ageing level. Based on PCA results, the complex modulus (G*) or phase angle (δ) of HCPMA can be well fitted (R 2 >0.7) by the exponential function of SBS content and ageing index.