Desulfurized rubber powder and SBS were used as asphalt modifiers to study the rheological properties and performance of desulfurized rubber powder/SBS composite-modified asphalt (DR/SBSCMA). First, the basic performance indicators such as penetration, ductility, softening point, and viscosity were studied. Second, the high-temperature and low-temperature rheological properties of asphalt were evaluated by using a dynamic shear rheometer (DSR) and bending beam rheometer (BBR). Finally, their high-temperature stability, low-temperature crack resistance, and water stability under the gradation of AC-13 and SMA-13 were evaluated. The results show that DR/SBSCMA had great advantages in terms of ductility and softening point, especially the softening point, which reached 90°C. It also demonstrated excellent high-temperature performance and tensile strength, and penetration was slightly lower than that of SBS-modified asphalt. Moreover, after compound modification, high-temperature and low-temperature rheological properties were effectively improved, and DR/SBSCMA adequately met the requirements of PG82-34. In addition, DR/SBSCMA maintained excellent high-temperature stability in both AC-13 and SMA-13 mixtures, coupled with obvious improvements in rutting deformation. Meanwhile, its low-temperature cracking resistance is slightly lower than that of SBS-modified asphalt, but both adequately meet the specification requirements. Ultimately, the water stability of DR/SBSCMA is comparable to that of SBS-modified asphalt, with both reaching more than 90%, proving its excellent water stability.