The rationalized recycling of waste dry batteries is of great significance to the circular development of resources. In this research, the feasibility of using waste dry batteries in asphalt modification was discussed. Waste dry battery powder (WDBP) was extracted from discarded zinc-manganese dry batteries, and its composition, micromorphology and heavy metal emissions were characterized. Further, the modified asphalts with different WDBP contents were also prepared, and the enhancement effect of WDBP on the physicochemical properties of the binder was evaluated. The results indicate that WDBP mainly contains inorganic carbon and metal oxides. Under acid rain and neutral environment, the heavy metals from WDBP are mainly Zn, Mn and Cd, and their concentrations exceed the concentration limits of Class I surface water in China. The heavy metals in WDBP can be physically solidified for the use of WDBP in asphalt modification. Meanwhile, WDBP can enhance the flow deformation resistance of the binder at the medium-high temperatures, further improve its rutting resistance. However, the WDBP may be have adverse impact on the low-temperature cracking resistance of asphalt, and the WDBP modified asphalt (WDBP-MA) is more suitable for the application in the areas with heavy traffic and hot climate. In addition, the WDBP can enhance the aging resistance of asphalt. Overall, the conclusions confirm the feasibility of applying WDBP to asphalt modification, which can provide a new approach for rational recycling of waste batteries and development of modified asphalt.