To investigate the cooperative influence of waste engine oil (WEO) and Buton rock asphalt (BRA) on asphalt characteristics, the WEO/BRA composite modified asphalt and its mixture with varied dosages were prepared. The high-, moderate-, and low-temperature assessments of WEO/BRA composite modified asphalt were conducted through temperature sweep tests, multiple stress creep and recovery (MSCR), and bending beam rheometer (BBR) tests. The softening point difference was used to analyze the storage stability of composite modified asphalt. Based on the Fourier transform infrared spectroscopy (FTIR) and fluorescence microscope (FM) test, the microscopic feature and chemical constitution of WEO/BRA composite modified asphalt were analyzed. Rutting test, low-temperature bending test, immersed Marshall test, freeze-thaw splitting test, and four-point fatigue bending test were carried out to verify the pavement properties of the WEO/BRA composite modified asphalt mixture. The results indicated that WEO improved the capability in low-temperature conditions and fatigue properties of asphalt modified with BRA. BRA enhanced the high-temperature property of asphalt modified with WEO. The synergistic effect of WEO, BRA, and neat asphalt was a physical reaction, and these modifiers were uniformly distributed in the asphalt. Meanwhile, WEO/BRA composite modified asphalt had excellent storage stability for the single modified asphalt. The test results of the asphalt mixture verified the results, indicating that WEO/BRA composite modified asphalt can be considered a new green and durable asphalt pavement material.