This study comprehensively examines the influence of phenol-formaldehyde resin (PF) on the performance of base asphalt and its mixtures for road applications, emphasizing its innovative use in enhancing pavement quality. Optimal PF content was determined through the evaluation of standard indicators and rotational viscosity. In-depth analyses of PF-modified asphalt's high- and low-temperature rheological properties and viscoelastic behavior were conducted using dynamic shear rheometers and bending beam rheometers. Aging resistance was assessed through short-term aging and performance grade (PG) grading. Moreover, Marshall and water stability tests were performed on PF-modified asphalt mixtures. Findings indicate that the uniform dispersion of PF particles effectively inhibits asphalt flow at high temperatures, impedes oxygen penetration, and delays the transition from elasticity to viscosity. These unique properties enhance the high-temperature stability, rutting resistance, and aging resistance of PF-modified asphalt. However, under extremely low temperatures, PF's brittleness may impact asphalt flexibility. Nonetheless, the structural advantages of PF-modified asphalt, such as improved mixture density and stability, contribute to enhanced high-temperature performance, water stability, adhesion, and freeze-thaw cycle stability. This research demonstrates the feasibility and effectiveness of using PF to enhance the overall performance of base asphalt and asphalt mixtures for road construction.