Refined separation not only controls the variability of reclaimed asphalt pavement (RAP), but also improves the mixing ratio of RAP and the quality of recycled asphalt mixtures. This study examines RAP treated with various refined separation frequency parameters, analyzes the variation rules and the variability of RAP aggregate gradation, asphalt content, asphalt properties, and aggregate properties, and calculates the maximum mixing percentage of coarse RAP material by using the gradation variability control method and the asphalt content variability control method. The results show that the variability of gradation and asphalt content of coarsely separated RAP is considerable, and a refined separation process significantly reduces the variability of gradation and asphalt content of RAP; the agglomeration of RAP decreases with an increase in the refined separation frequency; and the RAP agglomeration of three kinds of RAPs (E1, E2, and E3) under a refined separation frequency of 55 Hz reduces by 6.40%, 4.30%, and 4.30%, respectively, as compared with that of coarsely separated RAPs. The asphalt content of the refined separation RAP gradually decreases with an increase in frequency, and the asphalt content of E1 and E2 (55 Hz) was only 0.95% and 1.10%, respectively. The maximum percentage of RAP in recycled asphalt mixtures was calculated using the gradation variability control method and the asphalt content variability control method, respectively. The maximum proportions of RAP were 45% and 33% for A1 (0 Hz), respectively, and the maximum proportions of RAP for E1 (55 Hz) were all 100%. The results of the two methods show that the process of refined separation can increase the maximum proportion of blended RAP materials. They also demonstrate that the refined separation process can increase the maximum blending ratio of coarse RAP materials, thereby improving the quality of the RAP, increasing the proportion of RAP blending, and ensuring the quality of the recycled asphalt mixture. In conclusion, the refined separation process holds promise for maximizing the potential value of RAP and optimizing its recycling, environmental, and economic benefits.