Foamed asphalt recycling technology can effectively recover waste asphalt pavement materials and achieve the sustainable utilization of resources. This technology’s core equipment is asphalt foaming equipment. Since the asphalt foaming device’s fault data are uncertain, this work proposes a method for evaluating the device’s reliability, combining triangular intuitionistic fuzzy numbers, trapezoidal intuitionistic fuzzy numbers, and expert knowledge. Using the proposed evaluation method, the failure probability of the asphalt foaming device and the importance of the bottom event were calculated. The obtained model results were found to be consistent with the actual collected data, verifying the reliability and validity of the model. Furthermore, the asphalt viscosity is one of the key factors affecting the asphalt foaming recycling technology. In this work, the influence of different viscosities on the asphalt foaming mechanism was investigated using a theoretical analysis. Then, a computational fluid dynamics (CFD) analysis method was employed to simulate the different viscosity asphalt foaming processes, aiming to identify the most suitable one for the production of high-quality foam asphalt in the foaming asphalt viscosity range. Finally, experiments were carried out to verify the results of the analysis. The results show that the asphalt foaming device’s failure probability was around 7.512 × 10−2, and the best foaming asphalt viscosity was in the range of 0.3~0.5 Pa·s.