SBS modified asphalt samples were prepared using compatibilizers with different compositions. The changes in performance and microstructure before and after aging were evaluated by conventional performance tests， dynamic shear rheology tests and fluorescence microscopy. The results show that the higher the aromatic content in the compatibilizer， the better the high temperature properties of the modified asphalt， while the higher the saturate content， the better the low temperature performance of the modified asphalt. After aging， the higher the aromatic content in the compatibilizer， the smaller the variability in the various properties of the modified asphalt， and the better the anti-aging properties. Conversely， the higher the saturate content， the worse the anti-aging properties. Meanwhile， the microstructure shows a distinct aggregation phenomenon. The higher the saturate content， the more severe the aggregation and the larger the particle size. The system changes from double continuous phase structure to the SBS phase as the dispersed phase and the asphalt phase as the continuous phase.