In this paper, a phase-field model with viscoelastic effects is developed for polymer modified bitumen (PMB) with the aim to describe and predict the PMB storage stability and phase separation behaviour. The viscoelastic effects due to dynamic asymmetry between bitumen and polymer are represented in the model by introducing a composition-dependent mobility coefficient. A double-well potential for PMB system is proposed on the basis of the Flory-Huggins free energy of mixing, with some simplifying assumptions made to take into account the complex chemical composition of bitumen. The model has been implemented in a finite element software package for pseudo-binary PMBs and calibrated with experimental observations of three different PMBs. Parametric studies have been conducted. Simulation results indicate that all the investigated model parameters, including the mobility and gradient energy coefficients, interaction and dilution parameters, have specific effects on the phase separation process of an unstable PMB. In addition to the unstable cases, the model can also describe and predict stable PMBs. Moreover, the phase inversion phenomenon with increasing polymer content in PMBs is also well reproduced by the model. This model can be the foundation of an applicable numerical tool for prediction of PMB storage stability and phase separation behaviour.