The objective of this research is to address the rut problems in asphalt pavements and to resist the permanent plastic deformation with the increasing heavy traffic loads. In this paper, a new type materials of high modulus asphalt was developed by incorporating styrene–butadiene–styrene (SBS) and zinc oxide nanoparticles (nano ZnO) with an (EME)-type high modulus modifier, guided by the synergistic effects and the preparation methods of High-speed shear. The basic road performance, mechanical response and thermal stability of the new high modulus asphalt materials were analysed through basic physical indicator tests, dynamic shear rheometer tests, thermogravimetric analysis (TGA), the time–temperature superposition principle, the Refutas model, and the Christensen-Andersen-Marasteanu model. The optimal results demonstrate that the optimal blend ratio of the developed asphalt is 12% EME/8% SBS/1.5% ZnO. Under this composition, the road performance indicator values of softening point, penetration and ductility of the modified asphalt met the standard requirements. The dynamic shear rheometer tests demonstrates that the inclusion of SBS and nano ZnO considerably enhanced the shear resistance and recovery deformation capacity of EME, effectively improving the high-temperature deformation resistance of asphalt. Furthermore,the Refutas and the Christensen-Andersen-Marasteanu model fitting results showed that adding SBS and nano ZnO considerably improved the temperature sensitivity of the EME types high modulus modified asphalt and exhibiting low frequency sensitivity. Compared to PR Module-type high modulus modifier(PRM),TGA reveals that the maximum thermal weight loss of EME-SBS-ZnO decreased by 3.5441%, indicating better thermal stability and the major character of SBS,EME and asphalt is physical reaction. Moreover, EME-nano ZnO-SBS high modulus asphalt at 64 °C shows Jnr-diff = 9.5% and passes the "E" extreme traffic grade. Additionally, its cost is 4.67% lower than that of the PRM high modulus modified asphalt, presenting considerable economic benefits.