Recycling reclaimed asphalt pavement (RAP) for asphalt pavement construction is of interest due to its potential to mitigate environmental impact and resource consumption; however, the addition of RAP limits the induction heating behavior of asphalt mixtures, hindering the further application of RAP in sustainable and functional asphalt pavement. This study prepared recycled asphalt mixtures with high contents of steel slag aggregate and RAP, and optimized the rejuvenator dosage and composition design to investigate the induction heating rate. The effect of the steel fiber content, heating time, and heating distance on the induction capacity were verified for the recycled asphalt mixture. Moreover, the cooling curves of the recycled asphalt mixture were explored using a constant temperature chamber and infrared camera. The results showed that 6 wt% of rejuvenator in aged asphalt could evidently restore the physical properties and surface morphology, the highest heating rate of 1.204 °C/s could be reached with 2 wt% of steel fiber content, and the effective intervals of heating time and heating distance were set as 60–120 s and 10–20 mm, respectively. This study could be a significant reference in promoting solid waste recycling and sustainable asphalt pavement construction.