Recently, asphalt modifiers have increasingly gained attention for improving the mechanical and thermal characteristics of asphalt mixtures. As a result, innovative additives are being constantly developed to achieve this purpose. However, some modifiers can significantly impact the chemical and rheological properties of the asphalt binder. This paper investigates the rheological, spectroscopic, and chemical properties of asphalt binders modified with a bio-based phase change material (PCM) and phase change material mixed with glass powder (GPCM). Two binders were investigated, PG 58-28 and PG 70-28 polymer modified asphalt binder with 3% SBS. Two different percentages of GPCM (5% and 7%) were added to PG 58-28 and PG 70-28, and 5% PCM was added to PG 58-28. The results indicated that the PCMs effectively reduced the viscosity values of the asphalt binder. Moreover, testing the modified binders using differential scanning calorimetry (DSC) showed that the PCMs released the stored heat when the melting/freezing temperature was reached. However, adding glass powder with the PCMs negatively affected the thermal properties of PCMs in the asphalt mix. In addition, considerable changes in the stiffness of the binders modified with GPCM at an intermediate temperature were obtained when tested using DSR. Finally, the TGA results revealed that this specific type of PCM would not be suitable as a hot mix asphalt (HMA) modifier as its evaporation temperature is lower than the mixing temperature HMA. However, the use of PCM in warm mix asphalt (WMA) would be a more viable option. The results showed that the evaporation temperature for the PCMs was low; therefore, the PCMs cannot be used in HMA. In addition, modified binders with PCMs and GPCM showed lower viscosity compared to the control binder. The DSR rheological analysis showed that the control binder and 5%PCM, 5%GPCM, 7%GPCM, 5%GPCM, and 7%GPCM binders had similar overall properties. However, the addition of GPCM significantly decreases the stiffness at intermediate temperatures.