The mechanical characteristics of asphalt mixture are closely related with its stress state, temperature, and loading rate, therefore, the loading condition of the asphalt mixture's dynamic modulus test should be consistent with the actual temperature, loading frequency, and stress state that are applied to the mixture in actual pavement, thus can the test produce an objective result that can accurately reflect the actual stress-strain relationship for the asphalt mixture. However, due to limitations in the loading capacity of current dynamic modulus test equipment, the present modulus tester cannot yet set such a loading condition whose stress state is consistent with that of asphalt mixture in actual pavement. As a result, the modulus testing results of the current test may not accurately reflect the actual stress-strain characteristics of an asphalt mixture under real traffic loads. Therefore, this paper aims to figure out the impact of stress state on asphalt mixture’s dynamic modulus, and firstly conducts a numerical analysis to ascertain asphalt pavement’s triaxial stress state at different depth, then, utilizing the nonlinear elasticity theory of Soil Plasticity, proposes a theoretical model that can reflect triaxial stress state’s effect on asphalt mixture’s dynamic modulus, and then, arranges a series of triaxial dynamic modulus tests for asphalt mixture in different stress state to verify the model’s effectiveness, and meantime analyzes stress state’s influencing rule to asphalt mixture’s dynamic modulus. Their results indicate, the asphalt mixture of the actual pavement is in an obvious triaxial stress state, and that the higher the triaxial stress state, the larger the dynamic modulus, particularly for the mixture near the surface, whose high stress state will lead to their dynamic modulus to be significantly larger than that of the underlying course, while the model proposed in this paper can to a large extent reflect this impact.