To achieve efficient use of recycled asphalt pavement (RAP) produced during the maintenance and expansion of old roads and to solve the problem of low utilization of steel slag and desulfurization ash generated in the production process of the steel industry, this study designed a sustainable pavement using RAP and waste rubber powder-modified asphalt to form a matrix skeleton with large voids and injects grouting materials prepared with desulfurization ash and steel slag. It was found that the designed sustainable pavement has excellent high-temperature permanent deformation resistance and durability. Compared to traditional asphalt pavement, sustainable pavement's energy consumption and emissions can be reduced by about 45% within a single life cycle, while the economic benefits exceed about 500%. Moreover, sustainable pavement's excellent fatigue resistance will make its energy-saving, emission-reduction effects, and economic benefits more significant than traditional asphalt pavement during the same analysis period.