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　flowinduced　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.