To reduce the cost of SBS modified asphalt, we incorporated waste high-density polyethylene (HDPE) and waste tire rubber (WTR) as partial substitutes for SBS modifier. The performance parameters for HDPE, WTR, and SBS synergistic modified asphalt were designed using the response surface method. Specifically, modified asphalt groups with excellent conventional properties were identified through penetration, softening point, and ductility tests. The high/low-temperature rheological properties and anti-aging properties of the selected modified asphalt were investigated. The modification mechanism of the composite modified asphalt was studied using fluorescence microscopy (FM). Subsequently, a cost analysis of the modified asphalt was conducted. Based on the aforementioned studies, we recommend a composition of 1.5% SBS, 3% HDPE, and 10% WTR, which demonstrated superior performance compared to 4% SBS modified asphalt. Furthermore, the cost of the modified asphalt was found to be 13.3% lower than that of SBS modified asphalt.