Gel permeation chromatography(GPC), Fourier transform infrared(FTIR) spectroscopy and fluorescence microscopy were used to explain the reaction mechanism of enhancement of property of terminal blend asphalt(TB) by SBS polymer. Then, rheological tests such as dynamic oscillatory test and multiple stress creep recovery(MSCR) test were conducted to evaluate the both high temperature properties of TB binders. Finally, Hamburg wheel tracking test was used to evaluate the high temperature performance of asphalt mixtures. The results show that the optimum use level was 200%TB+30%SBS. Meanwhile, cross linking reaction takes place in TB binder, which leads to the formation of network structure in modified asphalt. Thus, the molecular weight of TB rubberized asphalt increases and its elastic recovery property, high temperature performance of binder and mixture are significantly enhanced. TB rubberized asphalt has potential in engineering use considering the advantage in price and environment protection.