The chemical and rheological properties of terminal blend hybrid asphalt (TBHA) contributing to the consumption of waste tires before and after aging were studied. Styrene-butadiene-styrene (SBS) polymer, sulphur, crumb rubber (CR), and neat asphalt were chosen to prepare the TBHA. The short-term aging (STA) and long-term aging (LTA) of TBHA were simulated using a rolling thin film oven test (RTFOT) and pressure aging vessel (PAV), separately. The chemical and rheological properties of the TBHA were tested. The results show that the G* and G*/sin δ of TBHA ares generally lower than SBS-modified asphalt (SBSMA) at 76 °C, and the δ, Jnr0.1, and Jnr3.2 of TBHA are generally higher than SBSMA at 76 °C. Additionally, with the decrease of CR, the G* and G*/sin δ of TBHA decreased more obviously, and the G* and G*/sin δ of 5T_3S_0.2Sul (5 wt% CR, 3 wt% SBS, and 0.2 wt% sulphur) were the smallest. Moreover, during the STA, the SBS modifier in the TBHA degraded and made the bitumen predominantly soft; however, during the LTA, the hardening of the bitumen played a dominant role and increased its elasticity. The superior anti-aging properties of TBHA (both STA and LTA) are further demonstrated.@en