In order to produce high-viscosity and high-toughness asphalt for ultra-thin overlays, the conventional asphalt cement was modified with high-content SBS and micro carbon fiber (MCF). The performances of the modified asphalt were studied by tests of penetration, softening point, ductility, kinematic viscosity, multiple stress creep recovery (MSCR), and by dynamic shear rheometer (DSR) and bending beam rheometer (BBR). Mixture properties were studied by tests of rutting, low-temperature bending, freeze–thaw splitting, four-point bending fatigue and dynamic modulus. The results reflect that the addition of MCF could enormously improve the high- and low-temperature properties, increase the viscosity of asphalt, and improve the toughness of asphalt. When SBS content was 6%, with the increase of MCF content, G*/sin δ and R values first increased and then decreased, and the Jnr value first decreased and then increased. When MCF content was 0.8%, the overall performance was best. Adding MCF into an asphalt mixture or increasing the content of SBS improved the rutting resistance, low-temperature crack resistance, water stability, and fatigue performance of the asphalt mixture. At the same temperature and frequency, there was little difference in phase angle between the 6%SBS + 0.8%MCF and 5%SBS + 0.0%MCF modified asphalt mixtures, and the dynamic modulus was slightly higher over the whole range. It can be concluded that the addition of SBS and MCF can enormously enhance the viscosity and toughness of asphalt. The viscosity of the 6%SBS + 0.8%MCF modified asphalt met the performance requirements of high-viscosity asphalt. When used for ultra-thin overlays, it had great road service performance and met the application requirements.