A new type of plastic and basalt fiber composite (PB) modifier, which is composed of waste plastic and basalt fiber using a specific process, was used for bus lanes to address severe high-temperature deformation diseases due to the heavy loads of buses. The dense gradations of asphalt mixture with a nominal maximum aggregate size of 13.2 mm (AC-13) and 19 mm (AC-20) were selected to fabricate asphalt mixtures. The impact of the modifier PB on the high-temperature rutting resistance, low-temperature crack resistance, and water damage resistance was investigated experimentally. The experimental results showed that adding the modifier PB could enhance the rutting resistance and water damage resistance of asphalt mixtures significantly while maintaining the low-temperature crack resistance. Then, PB-modified asphalt mixtures of AC-13 and AC-20 were employed into a typical pavement structure of a bus lane in Yangzhou city, China, and three types of designed pavement structures were proposed. On this basis, statics analyses of all of the designed structures were performed using the finite element method. The statics analyses revealed that, compared with the standard axle load, the actual over-loaded axle made the pavement structure of the bus lane suffer a 30% higher stress and vertical deformation, leading to accelerated rutting damage on the bus lanes. The addition of the modifier PB could make the pavement structure stronger and compensate for the negative effect caused by the heavy axle load. These findings can be used as a reference for the pavement design of urban bus lanes.