The utilization of oil-rich reclaimed asphalt pavement fine aggregate (O-RAP), characterized by its high asphalt content, which has inherent compatibility with the high asphalt demand of stress-absorbing layer (SAL) mixtures, enables significant recycling rates, thereby promoting resource efficiency and a promising pathway for sustainable infrastructure development. This study provides a comprehensive evaluation of the rheological properties of recycled asphalt binder through dynamic shear rheometer and bending beam rheometer tests. Furthermore, the pavement performance of SAL mixtures was systematically assessed via fatigue testing, moisture susceptibility evaluation, rutting resistance analysis, and overlay testing. The results indicate that increasing the O-RAP content enhances the complex shear modulus while reducing the phase angle, suggesting improved stiffness but reduced flexibility of the binder. In SAL mixtures, higher O-RAP content was associated with decreased fatigue life, moisture stability, and low-temperature cracking resistance, yet it contributed to improved resistance to reflective cracking and high-temperature rutting. Pearson correlation analysis further revealed that the fatigue life of the binder exhibits a strong positive correlation with creep rate and significant negative correlations with creep stiffness modulus, high-temperature stability, and reflective cracking resistance. These findings underscore the viability of high-content O-RAP incorporation in SAL mixtures as a technically sound and environmentally sustainable strategy for low-carbon pavement construction, offering significant reductions in virgin material consumption and associated carbon emissions.