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Composite modified asphalt was prepared with styrene-butadiene-styrene block copolymer (SBS), waste tire rubber powder and petroleum resin. And the storage stability, temperature sensitivity, high temperature rheological properties, rutting resistance and viscosity of the composite modified asphalts were investigated. The results showed that the optimum mass fractions of SBS, waste tire rubber powder and petroleum resin in the composite modified asphalt were 4.5%, 14.0% and 4.5%, respectively. Petroleum resin/SBS/waste tire rubber powder compound modified asphalt had better storage stability, temperature sensitivity and rutting resistance.