The poor low-temperature performance of recycled asphalt is the primary cause of the recycled asphalt disease. However, further strengthening is required to analyze the molecular-level cracking of recycled asphalt. This article presented a comprehensive investigation of the cracking phenomenon of recycled asphalt at both the macro and micro levels. This was achieved through the utilization of experimental tests and molecular dynamics simulations. In this study, pressure-aged asphalt was subjected to 40 h of aging. The aged asphalt was divided into three groups: 30% RAP (reclaimed asphalt pavement) recycled asphalt, 50% RAP recycled asphalt, and 70% RAP recycled asphalt. The three groups were then analyzed in terms of three major indexes. Linear amplitude scanning (linear amplitude sweep, LAS) was conducted on the three groups. The mechanical response law of asphalt was obtained, and it was found that the coefficient of strength of recycled asphalt increased with the increase of RAP dosage. At the same time, the fracture energy density decreased subsequently. Furthermore, the fracture energy density of aged asphalt was 7% lower than base asphalt's. Subsequently, this study examined the four fractions and C=O and S=O functional groups of five types of asphalt and constructed the molecular structures and models of stable base asphalt and aged asphalt. Subsequently, this article constructed a fusion model of new and old asphalt, analyzed the fusion process of new and old asphalt, and studied the factors affecting the blending degree of new and old asphalt. Finally, the factors affecting the cracking performance of rejuvenated asphalt, including the blending degree, the content of the four fractions, and the addition of the rejuvenator, were investigated. The impact of each influencing factor on the cracking performance of recycled asphalt was analyzed from multiple perspectives. In conclusion, the findings of this study provide a valuable guide for interpreting the tensile properties of reclaimed asphalt and the influence of rejuvenators.