This study addresses the need for effective rejuvenators in asphalt concrete mixtures containing Vacuum Tower Bottom (VB) binder, a by-product of petroleum refining. We investigated the use of a softening rejuvenator, comprising Carnauba (5.5%), Soybean oil (3%), water (81%), surfactant (1.5%), and additive (3%) from a Korean refining company, to mitigate the brittleness of VB binder. Laboratory experiments were conducted to compare the performance of the modified binder with the original hardened binder. The results showed that adding the rejuvenator improved the properties of the VB binder. Optimal asphalt grades were achieved with a 2% content of the softening additive in the VB binder. The rejuvenator enhanced moisture resistance, leading to settlements comparable to the control asphalt. Settlements after 20,000 load repetitions were 11.49 mm for the modified mixture, which were slightly better than the control material at 12.44 mm. Moisture stripping points occurred at around 16,000 cycles for the modified mixture, while the control material experienced them at approximately 13,000 cycles. Under freeze-thaw cycles, the modified mixture exhibited enhanced durability compared to the control mixture. The control mixture experienced a significant increase in rutting value of approximately 59.7% (from 12.4 mm to 19.7 mm), while the modified mixture showed a relatively lower increase of approximately 37.4% (from 11.5 mm to 15.8 mm). Additionally, the modified VB mixture demonstrated approximately 7.8% higher dynamic modulus at lower temperatures, indicating improved mechanical properties. It also displayed superior fatigue crack resistance, with a fatigue life of 18,385 cycles compared to 15,775 cycles for the control asphalt. Field results confirmed that the VB asphalt mixture with the rejuvenator achieved comparable site compactness to the control mixture, indicating successful compaction performance. These findings highlight the rejuvenator’s efficacy in mitigating binder stiffening and restoring the original state of aged asphalt binders.