Lignin, as a bio-based waste, has been utilized in the asphalt industry due to various advantages. This study aimed to investigate the effects of two lignin products (lignin powder and lignin fiber) on the mechanical properties of asphalt mixtures. The raveling, rutting, thermal and fatigue cracking resistance, and moisture susceptibility of different asphalt mixtures were respectively evaluated by the Cantabro test, wheel loading tracking test, semicircular bending test, four-point beam bending test, and freezing-thaw cyclic test. Results show that asphalt mixture with lignin powder-modified asphalt improved the overall mechanical performance. However, lignin fiber showed contradictory effects on certain mechanical properties, i.e., improved rutting resistance and thermal cracking resistance of asphalt mixture, degraded abrasion resistance, fatigue performance, and moisture stability. Therefore, cautions need to be taken when incorporating lignin fiber into asphalt mixture.