This paper presents a critical narrative review of carbon emission reduction strategies in the asphalt industry, synthesizing evidence reported in published Life Cycle Assessment (LCA) and Life Cycle Cost Analysis (LCCA) studies. The review examines the environmental and economic implications of adopting eco-materials and alternative technologies, including warm mix asphalt (WMA), reclaimed asphalt pavement (RAP), fly ash, recycled polymers, and bio-based modifiers. Reported literature indicates that high reclaimed asphalt pavement (RAP) contents and warm mix asphalt (WMA) technologies can offer notable life-cycle cost savings and greenhouse gas emission reductions; however, the magnitude of these benefits varies significantly depending on system boundaries, assumptions, and regional contexts. Across the reviewed studies, reductions in asphalt production temperatures and increased utilization of recycled and waste-derived materials are consistently associated with lower energy consumption and reduced greenhouse gas emissions, while also supporting circular economy objectives. In parallel, LCCA-based evidence suggests potential long-term economic advantages through reduced material demand, lower production energy requirements, and enhanced pavement durability, although reported outcomes exhibit substantial variability. This review highlights key methodological trends, identifies limitations and inconsistencies in reported numerical results, and underscores the need for transparent, harmonized LCA/LCCA frameworks. By critically consolidating existing evidence, the paper clarifies both the potential and constraints of current carbon mitigation strategies in asphalt pavements and outlines priority directions for future research and policy-oriented implementation.