Based on the mathematical characteristic analysis of the dynamic modulus principal curve of asphalt mixture， the viscoelastic evaluation system of reclaimed asphalt mixture was established， and the physical parameters of viscoelastic behavior were also proposed. The viscoelastic difference between tensile and compressive directions was compared， the fatigue characteristics of reclaimed asphalt mixture in tensile and compressive direction were studied， and the relationship between fatigue properties and viscoelastic physical properties was established. The results show that， compared with the new asphalt mixture， the reclaimed asphalt mixture is elastic rather that viscoelastic， but it is effective viscoelastic enough under compression mode， and elastic rather that viscoelastic under tensile mode. Under the same loading mode （whether compressive or tensile）， only the viscoelastic physical property parameter R_eve has a high linear correlation with fatigue life N_f. When the loading mode is different， the linear relationship between R_eve and N_f can not be established.