To reduce the cost of high-viscosity modifier (HVM) and alleviate white pollution problems, we prepared the environment-friendly HVM (E-HVM) by using waste-low density polyethylene/styrene-butadiene-styrene (waste-LDPE/SBS) composite. The physical characteristics of the E-HVM modifier were first investigated. Additionally, the effects of E-HVM modifier dosage (8 wt% to 20 wt%) on the rheological properties and microstructure of asphalt were, respectively, researched by dynamic shear rheometer (DSR), bending beam rheometer (BBR), and fluorescence microscopy (FM). The results show that the E-HVM modifier has lower molecular weight, and its distribution is wider than that of the Tafpack-Super (TPS) modifier; thus, the E-HVM modifier had better compatibility with asphalt, which has also been proven by FM images. Due to these reasons, the E-HVM modifier improves the high-temperature performances of asphalt more effectively than the TPS modifier, which is shown by the higher dynamic viscosity (60 °C) and G* and the lower and Furthermore, compared to TPS modified asphalt, E-HVM modified asphalt also has a higher fatigue life at different strain levels (2.5% and 5.0%), but worse low-temperature performance. Following a comprehensive consideration of performances, the reasonable dosage range of E-HVM modifier is 12 wt% to 16 wt%.