Rice husk biochar (RHB) is a renewable agricultural waste, and its fixation on pavements helps develop environmentally friendly, economical, and sustainable asphalt pavements. This paper used RHB to replace part of styrene-butadiene-styrene (SBS) for the composite modification study of matrix asphalt. The high- and low-temperature properties and microscopic mechanisms of the composite-modified asphalt were studied through a series of tests. The results showed that, compared with SBS-modified asphalt, the softening point, viscosity, complex shear modulus, stiffness modulus, and rutting factors of RHB-SBS composite-modified asphalt were improved. In contrast, the ductility and creep rate were slightly decreased, indicating an improvement in the high-temperature performance of composite-modified asphalt, but a slight decrease in its low-temperature performance. The process of RHB and SBS composite modification was mainly physical blending, with only a small number of chemical reactions, and no new functional groups were generated. The porous structure of RHB enables it to adhere better to the network crosslinked continuous phase system formed by SBS and matrix asphalt. This results in composite-modified asphalt with good high-temperature storage stability and rheological properties. Therefore, RHB-SBS composite-modified asphalt can be applied to high-temperature areas and rice-producing areas, and the optimal content of RHB is suggested to be 15%.