The goal of this study was to investigate the effect of styrene-butadiene-styrene (SBS) polymer on the aging properties of high-content terminal blend rubber modified asphalt (HCTBMA). All asphalt was tested for chemo-rheological properties using an attenuated total reflection-Fourier transform infrared spectroscopy (ATR-FTIR) test, temperature sweep test, frequency sweep tests, and multiple stress creep recovery (MSCR) test. According to ATR-FTIR observations, SBS can retard the oxidation effect of HCTBMA during short-term aging, but its inhibitory effect is reduced during long-term aging. Furthermore, aging aggravates the degree of desulfurization of crumb rubber in HCTBMA as the SBS content increases. Compared with HCTBMA, neat asphalt has a lower elasticity at high temperatures and a higher elasticity at low temperatures. The addition of SBS to HCTBMA improves the elasticity of the material. The elasticity of HCTBMA decreases and then increases after aging, and SBS can reduce the aging degree of HCTBMA after aging. Moreover, based on Pearson correlation analysis, the correlation between the desulfurization of rubber and the degradation of polybutadiene in HCTBMA during aging is high.