Temperature regulation is crucial for the longevity of pavements. Thermo-Chromic Materials (TCMs) is proposed for effective temperature regression in pavements with Phase Change Materials (PCMs). In this paper, the performance of asphalt pavements in a typical year is investigated with Abaqus, including the peak temperature, the variation of surface temperature and the properties of PCMs before and after the adoption of TCMs. The incorporation of PCMs resulted in a reduction of peak pavement temperatures by 1.3 °C, while the addition of TCMs further decreased temperatures by 38.5 °C. By comparison with the results with and without PCMs as well as with and without TCMs, it is concluded that both PCMs and TCMs may reduce the peak temperature of asphalt pavements. However, TCMs may further regress the peak temperature but does not result in the time delay of peak temperature, as PCMs does. The peak temperature positively correlates with the variation of surface temperature. Nevertheless, although only four types of correlation between the temperature property of TCMs and that of PCMs are involved, the profile or status of PCMs is much more complicatedly influenced after the adoption of TCMs, indicating the interaction between TCMs and PCMs. More time of PCMs is in the phase of solid, due to the modulation of solar radiation. As far as the peak temperature is considered, it is also possible to reduce the amount of PCMs applied in pavements, with the adoption of TCMs. According to the results in this paper, the application of TCMs in an asphalt pavement with PCMs may be an effective way to reduce the peak temperature, to regress the daily variation degree as well as to improve the performance of PCMs.