To explore the feasibility of using waste oil as a regenerating agent， the regeneration effect of different regenerating agents on aged SBS modified asphalt was studied. Firstly， the performance of SBS modified asphalt after regeneration was evaluated through conventional performance experiment and dynamic shear rheology （DSR） experiment. Then， the regeneration mechanism of SBS modified asphalt was studied through atomic force microscope （AFM）， Fourier infrared spectroscopy （FTIR） and thermogravimetric （TG）. The results show that XT-1 regenerant and waste oil can recover the pentration， softening point and ductility of the aged SBS modified asphalt well. XT-1 regenerant can improve the low-temperature crack resistance of recycled asphalt. Waste oil has more obvious influence on the fatigue life of aged SBS modified asphalt and has a better recovery effect on the viscoelasticity of recycled asphalt， which can improve the degradation of SBS modifiers by aging. The addition of XT-1 regenerant and waste oil both adjuste the components of the aged asphalt and improve its road performance， and no chemical reaction occurres.