The process of chemical modification of tar and oxidized bitumen with formalin (a 37% aqueous solution of formaldehyde) in a hermetic container was investigated and the effectiveness of the proposed process was proven. It is shown that the most effective raw material for the process is tar, not oxidized bitumen. The expediency and impact of using different types of solvents (toluene, p-xylene and petroleum solvent, and n-octane) in the modification process were studied. It was established that the solvent should be used in the modification of oxidized bitumens, not tars. The low efficiency of the process of tar modification with formaldehyde without the use of a catalyst was proven, and it was shown that the most active catalyst in the process is sulfuric acid. The influence and optimal values of the main factors controlling the process of chemical modification of tar with formaldehyde were established, namely temperature, duration, and content of the modifier—formaldehyde. On the basis of the found regularities and optimal conditions of the modification process, samples of binding materials (of different brands) with different operational characteristics were obtained, and their comprehensive research was carried out. With the help of FTIR spectroscopy, the chemical interaction of tar with formaldehyde in the presence of an acid catalyst was confirmed. The design of the compositions of asphalt concrete mixtures using formaldehyde-modified tar was carried out, from which cylindrical samples of stone mastic asphalt (SMA-15 brand) were obtained, which were tested according to the main indicators: average density, water-saturation, compression strength at 20 and 50 °C, compression strength after water-saturation (MPa) at 50 °C.