The substitution of virgin asphalt binder with reclaimed asphalt pavement (RAP) has environmental and economic merits, however, cracking susceptibility arises due to the aged asphalt binder within RAP. The objectives of this study are to (1) enhance the cracking resistance of asphalt mixtures containing 50% RAP utilizing recycling agents (RAs) derived from six petroleum-based and bio-based materials, (2) conduct an environmental impact assessment (represented by global warming potential “GWP”) for high-RAP mixtures including RAs, and (3) estimate the cost effectiveness of including high-RAP content in asphalt mixtures. Based on the RAP asphalt binder performance grade (PG), base asphalt binder PG, and RAP content, the RA contents were determined to achieve a target asphalt binder of PG 76-22. A control mixture was benchmarked for comparison, specified for high-traffic volume roads, and contained PG 76-22 polymer-modified asphalt binder. The engineering performance of studied asphalt mixtures was evaluated using the Hamburg wheel-tracking (HWT), semi-circular bend, Illinois flexibility index, Ideal cracking tolerance, and thermal stress-restrained specimen tensile strength tests. It was found that petroleum-derived aromatic oil, soy-based oil, and tall oil fatty acid-based RAs demonstrated a successful restoration of aged RAP asphalt binder without compromising the permanent deformation resistance. The 50% RAP mixtures emitted less GWP by 41% and 42.9% using petroleum- and bio-oil RAs, respectively, and achieved a 31% cost reduction compared to the control mixtures.