The research and development of high-performance pavement materials has been intensified owing to the demand for long-life pavements. This study is performed to develop a novel pavement material using waste rubber powder, waste lubricating by-product (LBP), and asphalt. Subsequently, the aging properties and aging mechanism of activated waste rubber powder modified asphalt (ARMA) are investigated based on its rheological properties and micro-characterization. The rheological results show that, compared with waste rubber powder modified asphalt (RMA), ARMA offers a higher aging resistance and a longer fatigue life. A comparison and analysis of the rheological aging parameters of ARMA and RMA show that LBP activation diminishes the aging sensitivity of ARMA. The micro-characterization result shows that the aging of ARMA may be caused by the fact that LBP-activated waste rubber powder is more reactive and can form a dense colloidal structure with asphalt. Therefore, the evaporation loss of asphalt light components by heat and the damage to the colloidal structure by oxygen during the aging process are impeded, and the thermal-oxidative aging resistance of ARMA is improved.