The large-scale production of waste plastics has brought serious environmental pollution problems and its recycling and high value-added utilization technology remains a global challenge. Therefore, this study uses waste polyethylene (PE) to prepare high-performance polyethylene composite modified asphalt (HPEA), solving the problem of poor stability and low temperature performance of traditional plastic modified asphalt, while achieving high value-added utilization of waste plastics. A high-performance polyethylene composite modifier (HPE) was prepared through mechanochemical and thermochemical interactions. Then HPEA with different HPE content and styrene-butadiene-styrene (SBS) modified asphalt (SBSMA) with different SBS content were prepared. Compare and analyze the conventional performance, storage stability, anti-aging performance and microscopic properties of HPEA and SBSMA. The results are as follows: (1) the conventional performance of HPEA is comparable to, or superior to, that of SBSMA. The addition of HPE resulted in a significant decrease in asphalt penetration. The modification effect achieved by adding 3–5% SBS to Kunlun 70# asphalt is equivalent to that achieved by incorporating 4–6% HPE. (2) HEPA exhibits good storage stability and no obvious segregation phenomenon. When the HPE content changes from 4% to 8%, the maximum difference in 48 h softening point of HPEA is 1.1 °C, which is significantly smaller than the 48 h softening point difference of SBSMA when the SBS content changes from 3% to 5%. (3) When HPE attains a specific concentration, HPEA can exhibit an anti-aging performance that is comparable to, or superior to, that of SBSMA. (4) The infrared spectrum of HPEA closely resembles that of SK70# matrix asphalt. The modification of HPEA primarily involves physical blending, with HPE undergoing development and re-crosslinking within the system, leading to interactions between smaller particles and asphalt, resulting in the formation of a relatively stable three-dimensional spatial structure.