The rheological parameters and microscopic indexes of the original, short-term aging, long-term aging and regenerated asphalt were tested by dynamic shear rheometer, bending beam rheometer, infrared spectrometer and scanning electron microscope. The relationship of rheological parameters and microscopic indexes was established by grey correlation analysis, combined with COMSOL numerical analysis results, the regeneration mechanism of microwave sensitive asphalt rejuvenate agent was discussed. The results show that the correlation between storage modulus G′, loss modulus G″, complex shear modulus G* and component and functional groups change of asphalt are greater than 0.8, and the correlation between m value and bitumen resin is 0.743, the correlation degree is better. Microwave sensitive asphalt rejuvenate agent can restore the proportion of the aged asphalt component and the number of functional groups by component adjustment, and the microwave heating material and the emulsion system accelerate the fusion of the regenerant and the aged asphalt.