Aging of binders is a complex phenomenon which reduces the longevity of flexible pavements. Aging involves change in physical, chemical, and morphological properties of binder which makes the binder brittle and highly susceptible to fatigue and thermal cracking. Antiaging additives enhance the service life of flexible pavements by reducing the impact of aging on the performance of binders. An iterative approach is essential to identify the optimal dosage of antiaging additive necessary to counteract the aging effects on binder. The present study aims to evaluate the mixing conditions for uniform dispersion of carbon black and hydrated lime within the binder matrix and thereby evaluate the impact of incorporating these antiaging additives on the conventional properties of binder. For this purpose, varying proportions of carbon black and hydrated lime are added to VG 30 binder and is subjected to softening point, ductility, and penetration tests. The optimal dosage of carbon black and hydrated lime is found to be 6 and 12% respectively based on their significant effects on the conventional properties of the binder. An optimal mixing duration of 60 and 75 min ensures uniform dispersion of carbon black and hydrated lime within the binder matrix at a mixing temperature of 120 °C and a speed of 1000 rpm thereby producing a homogenous binder mastic. Incorporation of antiaging additives up to the optimal dosage enhances the softening point whereas decreases the penetration and ductility of binder. The increase in softening point of binder with incorporation of carbon black and hydrated lime signifies enhanced resistance to rutting and permanent deformation of binder, whereas the reduction in ductility and penetration of binder with incorporation of carbon black and hydrated lime signifies the reduced susceptibility of binder to environmental factors such as temperature fluctuations, UV radiation, and oxidation. The surface texture of the additive influences the ability of binder adsorption, which subsequently affects the rheological properties of binder mastics. Significant improvement in conventional properties of binder with incorporation of carbon black and hydrated lime paves a viable and cost-effective solution for engineering application as it has a subsequent effect on the rheological properties of binder.