In this article, the author intends to explore the different aging process of SBS modified asphalt, and the influence of chemical components on the rheological property by adding regeneration agents. To this end, the samples of different degrees of aging need to be prepared so as to simulate the aging behaviors during the processes of SBS modified asphalt, namely, mixing, transport, operation, and service. The Fourier transform infrared (FT-IR), dynamic shear rheology (DSR), and bending beam rheology (BBR) are conducted to study the different degrees of aging and the influence of regeneration agents on the rheological property of SBS modified asphalt and its micro components. The author has conducted quantitative analysis on different degrees of aging and the micro components of SBS modified asphalt after regeneration based on rheological property. Besides, the article discussed the rheological property parameter and the influence of regeneration agents on SBS modified asphalt and micro components. The result of research indicated that, as the aging degree increased, the complex modulus, phase angle, and creep rate of SBS modified asphalt decreased. Besides, the creep stiffness modulus increased, with obvious growth of carbonyl index (CI) and sulfoxide index (SI) and decrease of butadiene index (BI); when the regeneration agents are added, the rheological property index of recycled asphalt, the content change of characteristic functional group are opposite to that of aging asphalt. Based on the grey relational analysis, carbonyl is the most seriously affected in terms of how the change of recycled asphalt’s chemical components influence high temperature rheology property parameter, followed by sulfoxide and butadiene. In terms of the stiffness modulus, the most seriously affected is carbonyl, followed by sulfoxide and then butadiene. In terms of the creep rate, the most seriously affected is butadiene, followed by sulfoxide and then carbonyl.