With increasing societal attention being directed to resource and environment problems, the research focus on high reclaimed asphalt content mixtures has become pertinent. The degree of asphalt fusion in the thermal regeneration process of a high RAP content reclaimed asphalt mixture has a great influence on its performance. In order to explore the development process of hot in-place recycling mixture performance along with internal asphalt fusion, this study conducted research on a geothermal regeneration mixture with 80% RAP content. Dynamic shear rheology (DSR), infrared spectroscopy, and scanning electron microscopy were used to investigate the fusion of recycled mixture under different placement times (1 day, 4 days, and 7 days), and the road performance and fatigue life of the recycled mixture under different placement times were then studied. The results showed that the fusion degree of old asphalt and new asphalt in a recycled asphalt mixture reached 100%, and gradually increased with the extension of placement time. With the increase in placement time, the high temperature performance of the regenerated mixture gradually decreased, the water stability gradually increased, and the low-temperature performance and fatigue life significantly increased from 1 day to 7 days, by 19% and 32%, respectively.