Waste cooking oil (WCO), in many cases, can rejuvenate aged asphalt and restore its properties. However, the influence of WCO qualities on rejuvenation behaviors of aged asphalt has not been investigated in detail. The objective of this paper was to evaluate the effects of WCO viscosity and acid value on the basic, rheological, and chemical properties of a typical rejuvenated asphalt. Penetration, ring and ball (R and B) softening point, and ductility were tested to evaluate the influence of WCO qualities on basic properties of rejuvenated asphalts. Then, the rheological properties of rejuvenated asphalt were characterized based on rotational viscometer (RV), dynamic shear rheometer (DSR), and bending beam rheometer (BBR) test results. Further, SARA (saturates, aromatics, resins, and asphaltenes) fraction analysis and Fourier transform infrared spectroscopy (FTIR) tests were performed to investigate the effects of WCO qualities on asphalt chemical composition. Finally, grey correlation coefficients were calculated and the relationships between WCO qualities and rejuvenated asphalt properties were quantitatively evaluated. The experimental results indicated that WCO qualities influence the rejuvenation behaviors of aged asphalt significantly, and the WCO with higher qualities (low acid value and viscosity, as defined in this research) tends to achieve better rejuvenation effects. Based on the results of grey correlation analyses, the acid value is, relatively, a better indicator than viscosity in predicting the rejuvenation efficiency of WCO. The rejuvenation thresholds of WCO are varied with the categories of properties of rejuvenated asphalts, and WCO with an acid value of 0.4–0.7 mg KOH/g, or a viscosity of 140–540 mm2/s, can meet all of the performance requirements for asphalt rejuvenation used in this research.