The aim of this paper was to accurately grasp and precisely characterize the dynamic viscoelastic properties of Ultra-Large Particle Size Asphalt Mixture (LSAM-50), and fully explore the features and simplified forms of the generalized fractional derivative Zener (GFDZ) model. The constitutive relations of the GFDZ model with n Abel elements were first given, and a modified GFDZ (mGFDZ) model was proposed. Then the master curves of LSAM-50, AC-13 and AC-20 mixtures were constructed, and the expression effects of different models and the dynamic viscoelastic behaviors of different asphalt mixtures were compared. The results showed that LSAM-50 was a typical viscoelastic material similar to traditional mixture. Both dynamic modulus and energy storage modulus decreased with increasing temperature. The phase angle increased first and then decreased with temperature increasing, and the peak value appeared near 40℃ at low frequency. The loss modulus increased first and then decreased with the temperature increasing. When the loading frequency was 0.1 Hz∼25 Hz, the peak value appeared at 0℃∼20℃. The rutting factors of LSAM-50 became larger with temperature reduction and frequency enhancement. When the number of Abel elements reached 2 in the GFDZ model or reached 3 in the mGFDZ model, the model fitting effects would no longer change significantly. The 2-mGFDZ model with only 5 parameters fitted master curves data satisfactorily and the physical meanings of parameters were clear. Comparing among three mixtures, LSAM-50, with the lowest asphalt content, showed significantly superior elasticity and better deformation resistance at medium and high temperatures. At low temperatures, the viscosity behavior of LSAM-50 was slightly inferior, but it may have pronounced plate properties considering the effect of aggregate skeletonization. The research results would promote new pavement structural design and mechanical response analysis.