The rheological parameters and microscopic indexes of the original, short term aging, long term aging and regenerated asphalts were tested by dynamic shear rheometer（DSR）, bending beam rheometer(BBR), infrared spectrometer(IR）and scanning electron microscope（SEM）. 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 studied. The results show that the correlation degree between storage modulus, loss modulus, complex shear modulus and component and functional groups change of asphalt is greater than 08, and the correlation degree 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 regeneration agent and the aged asphalt.