The　crumb　rubber　(CR)　compound　modified　asphalt　with　improved　tenacity　and　high-　or　low-temperature　properties　was　prepared　by　the　addition　of　styrene-butadiene-styrene　(SBS)　and　the　stability　of　CR/SBS-modified　(CRSM)　asphalt　was　improved　by　the　addition　of　sulfur.　Rheological　testing　demonstrated　the　improved　high-temperature　performance　of　modified　binders　and　indicated　the　susceptibility　of　vulcanizated　binder　to　dynamic　shear.　Morphology　observation　showed　the　compatibility　between　CR　and　asphalt　was　improved　greatly　by　vulcanization　or　ageing.　Fourier　transform　infrared　(FTIR)　and　nuclear　magnetic　resonance　(NMR)　analysis　showed　the　characteristics　and　distribution　of　the　major　functional　groups　of　modified　asphalt　before　and　after　ageing.　In　thermal　analysis,　DSC　curve　showed　the　effect　of　ageing　and　modifier　on　the　molecule　weight　distribution　and　constituents　of　asphalt.　The　thermal　stability　and　susceptibility　of　each　binder　to　thermal　decomposition　were　evaluated　by　using　TG　and　DTG　curves,　which　indicated　the　structural　characteristics　of　binder　and　demonstrated　the　conclusion　drawn　by　DSC　analysis　further.　©　2014　Elsevier　B.V.　All　rights　reserved.