In order to study the mechanical properties and effect of a regenerant on a cold recycled mixture with asphalt emulsions (CRMEs), the moisture susceptibility, high-temperature performance, low-temperature performance, dynamic mechanical properties and durability of CRMEs were analyzed and evaluated by immersion splitting strength tests, freeze-thaw splitting strength tests, rutting tests, semi-circle bending tests, uniaxial compression dynamic modulus tests and indirect tensile tests. Scanning electron microscopy (SEM) was used to analyze the micromorphology of CRMEs modified with regenerant. Finally, a comprehensive evaluation system of five different CRMEs was established based on the efficacy coefficient method to quantitatively analyze the comprehensive performance of the CRMEs. The test results showed that the regenerant can significantly improve the water immersion splitting strength, freeze-thaw splitting strength fracture energy density, and fatigue resistance of CRMEs. However, the addition of regenerant affected the high-temperature performance of the cold recycled mixture. The dynamic modulus of the CRMEs first increased and then decreased with regenerant content increasing. When the regenerant content was 8%, the dynamic modulus of the CRMEs was the highest. Adding styrene-butadiene rubber (SBR) latex can improve the high-temperature performance of CRMEs, but the moisture susceptibility, low temperature performance and fatigue resistance of the cold recycled mixture were not significantly improved, and the dynamic modulus of the mixture was reduced. Based on the efficacy coefficient method, the optimal content of regenerant is 8%. Regenerant are potential modifiers for cold recycled mixture that they can significantly improve the dynamic mechanical properties and durability.