Rubber activation provides a feasible approach for the preparation of high-content rubber modified asphalt without increasing the complexity of the production process. The electromagnetic thermal activation method was used for crumb rubber. The high dosage (30 % mass ratio of neat asphalt) activated crumb rubber and SBS (1.2 % mass ratio of neat asphalt) modified asphalt (ARMA) was prepared. The neat asphalt (NA) and 20 % non-activated crumb rubber modified asphalt (RMA) constituted the control group. Storage stability, rheological behavior, and microscopic properties tests were conducted to evaluate the performance differences of them. The rheological behavior of RMA and ARMA was superior to NA. The electromagnetic thermal activation method fragmented rubber particles into numerous disordered small particles, thereby expanded the contact area with asphalt. This resulted in the storage stability of ARMA significantly better than that of RMA. The cross-linked wrinkles were generated by the combined effect of SBS modifier and activated crumb rubber, which enhanced the rheological, anti-fatigue, and elastic behavior. Both RMA and ARMA exhibited high-temperature PG grades of 82˚C. At 70°C, ARMA retained the capability to endure Extremely Heavy Traffic Grade conditions. At a strain level of 2.5 %, ARMA exhibited a 178 % increase in fatigue life compared to RMA. The crumb rubber was dispersed within the RMA and ARMA. Both ARMA and RMA did not exhibit the obviously bee-structure. However, ARMA exhibited a stronger polymer network. Moreover, both the carbonyl index and sulfoxide index of ARMA were lower than those of RMA and NA. The activation process improved the compatibility between rubber and asphalt, and realized the high value utilization of waste rubber.