<p>The incorporation of waste tires into asphalt mixes for pavement construction offers a sustainable solution to both resource conservation and environmental pollution mitigation. Used tires yield crumb rubber (CR), which we can blend with asphalt binder through a wet process to enhance the rheological properties of asphalt by acting as a polymer modifier. This study aims to comprehensively review the existing literature, exploring the interrelationship between the preparation process, interaction mechanisms, and compatibility between CR and asphalt and the subsequent performance of asphalt treated using CR (CRMA). The characteristics of CR, such as its composition and microstructure, and the mixing conditions of asphalt, such as shear speed, time, and temperature, significantly influence the service performance of CRMA. Various pretreatment technologies, such as gamma irradiation, microwave, and different types of chemical additives, can alter the chemical bonding and microstructure of CR particles, leading to distinct effects on CRMA rheological properties. The interaction between CR particles and asphalt involves a two-stage process: initial light component penetration, referred to as CR swelling, followed by particle breakage, referred to as CR degradation. Careful adjustment of mixing parameters can regulate the degree of CR swelling and subsequent degradation, thereby influencing the rheological response of CRMA. Review demonstrates that CRMA performs at its best when the CR particles achieves an equilibrium swelling condition, characterized by peak viscosity under controlled mixing conditions. This equilibrium indicates maximum absorption of the asphalt’s light fractions without significant degradation of the CR structure.</p>