The use of Reclaimed Asphalt Pavement (RAP) in pavement construction and maintenance has received positive attention from engineers and practitioners due to its economic and environmental benefits. RAP in the pavement industry results in sustainable pavement systems with a focus on (i) reduction in the usage of virgin materials, (ii) reduction in landfilling, (iii) increase in longevity of recycled materials, and (iv) financial savings. However, the mix design incorporating RAP calls for additional steps due to the aging it has undergone during its service life. Thus, a proper understanding of the RAP material and its aging is essential before its incorporation into the asphalt mixture. Therefore, the objective of the study is to analyze the impact of aging on RAP characteristics. The scope of the study includes the collection of RAP from various sources. The innate properties of RAP were determined by conducting various laboratory investigations, and the observations will be correlated with virgin asphalt properties. Further, an attempt was made to stimulate the observed field aging through laboratory short-term and long-term aging of a virgin binder. The RAP-extracted aged binder, laboratory-aged asphalt binder, and unaged asphalt binders were chemically characterized using Fourier Transform Infrared Spectroscopy to understand the chemical mechanism of asphalt aging. Overall, The study is anticipated to provide a comprehensive understanding of the aging characteristics exhibited by the asphalt binder throughout its service life. Furthermore, it aims to contribute to the advancement of the current knowledge regarding properties and their application within the pavement industry.