Bio-asphalt　has　a　great　application　prospect　in　the　replacement　of　petroleum-based　asphalt　to　pave　and　maintain　asphalt　pavement.　However,　the　problems　of　flow-induced　crystallization　and　phase　separation　caused　by　flow-induced　crystallization　had　severely　restricted　its　application.　This　paper　describes　the　progress　of　research　on　preparation,　property　evaluation　and　phase　separation　mechanism　of　bio-asphalt.　The　advantages　and　disadvantages　of　preparation　methods　of　bio-asphalt　are　states.　The　fundamental　physical　and　rheological　properties　of　bio-asphalt　are　investigated,　especially　for　flow-induced　crystallization.　There　exists　obvious　flow-induced　crystallization　because　bio-asphalt　is　rich　in　waxes　that　crystallize　easily.　Owing　to　the　existence　of　excess　biochar,　bio-asphalt　appears　phase　separation.　A　brief　review　of　the　effect　of　bio-oil　and　biochar　on　asphalt　volatile　organic　compounds　(VOCs)　is　presented.　Research　find　that　bio-oil/biochar　are　not　only　replenish　the　light　components　of　asphalt,　but　also　improve　the　flow-induced　crystallization　and　phase　separation　of　bio-asphalt.　There　exists　synergistic　effect　of　biochar　and　bio-oil　in　asphalt　modification.　Moreover,　biochar　can　improve　the　durability　of　bio-oil　modified　asphalt,　but　excessive　addition　of　biochar　to　bio-oil　modified　asphalt　can　cause　phase　separation.　Adding　an　appropriate　amount　of　bio-oil　and　biochar　to　asphalt　can　improve　its　high-temperature　resistance,　low-temperature　crack　resistance,　and　system　compatibility.　©　2024　The　Authors