The reuse in high-value materials is one of the important resource utilization approaches of phosphorus tailings. At present, a mature technical system has been formed on the reuse of phosphorus slag in building materials, and silicon fertilizers in the extraction of yellow phosphorus. But there is a lack of research on the high-value reuse of phosphorus tailings. In order to make safe and effective utilization of phosphorus tailing resources, this research concentrated on how to solve easy agglomeration and difficult dispersion of phosphorus tailing micro-powder, when it was recycled in road asphalt. In the experimental procedure, phosphorus tailing micro-powder is treated in two methods. One method is to directly add it with different contents in asphalt to form a mortar. Dynamic shear tests were used to explore the effect of phosphorus tailing micro-powder on the high-temperature rheological properties of asphalt influence mechanism of material service behavior. The other method is to replace the mineral powder in asphalt mixture. The effect of phosphate tailing micro-powder on the water damage resistance in open-graded friction course (OGFC) asphalt mixtures was illustrated, based on the Marshall stability test and the freeze–thaw split test. The research results show that the performance indicators of the modified phosphorus tailing micro-powder meet the requirements for mineral powder in road engineering. Compared with standard OGFC asphalt mixtures, the residual stability of immersion and freeze–thaw splitting strength were improved when replace the mineral powder. The residual stability of immersion increased from 84.70% to 88.31%, and freeze–thaw splitting strength increased from 79.07% to 82.61%. The results indicate that phosphate tailing micro-powder has a certain positive effect on the water damage resistance. These performance improvements can be attributed to the larger specific surface area for phosphate tailing micro-powder than ordinary mineral powder, which can effectively adsorb asphalt and form structural asphalt. The research results are expected to support the large-scale reuse of phosphorus tailing powder in road engineering.