Shape memory materials have received great scientific attention for engineering applications because of their unique memory recoverable properties. In this study, high toughness and strong damping shape memory epoxy asphalt composites (SMEAC) were prepared, which can be widely used in the fields of bridge self-repairing expansion joints, crack sealants, vibration control, and damping devices in earthquake engineering. The mechanical properties, shape memory properties, and shape memory mechanism of SMEAC were analyzed by macroscopic and microscopic tests. The direct tensile tests showed that SMEAC has excellent toughness and strength. The temperature sweep test revealed that SMEAC has good damping properties. The shape memory recovery performance of SMEAC was analyzed by thermomechanical analyzer, and X-ray diffraction showed the change of full width at half maxima in SMEAC before and after deformation at microscopic level. Infrared spectroscopy and fluorescence microscopy indicated that the asphalt phase in SMEAC could participate in the curing reaction, which enhanced the miscibility between the asphalt phase and the epoxy resin phase. Finally, the curing mechanism of epoxy asphalt composites was derived by combining infrared spectral analysis.This work provides a theoretical reference for developing new shape memory materials and open up a new application mode for epoxy asphalt.