To evaluate the influence of different recycled asphalt pavement (RAP) content on the mix design and performance of micro-surfacing mixtures, mixing tests and torque shear tests were conducted to assess their workability. The mechanical and road performance were evaluated using load wheel tests, rutting tests, water immersion Marshall tests, freeze-thaw splitting tensile tests, SCB tests, fatigue durability tests, and cohesion tests. The study shows that, at the optimal asphalt-to-aggregate ratio, increasing RAP content leads to a decrease in the optimal emulsified asphalt content of the recycled micro-surfacing mixture and a reduction in workability. Correspondingly, the high-temperature rutting resistance, moisture damage resistance, and fatigue durability all weaken, while the low-temperature cracking resistance first increases and then decreases. When the RAP content is 50%, the moisture damage resistance of the recycled micro-surfacing mixture does not meet specification requirements. When the RAP content is 40%, the low-temperature cracking resistance of the recycled micro-surfacing mixture is optimal. When the curing time is extended to 80 minutes, the mechanical properties of the micro-surfacing mixture with 40% RAP content meet the requirements for opening to traffic. In summary, the micro-surfacing mixture with 40% RAP content exhibits excellent comprehensive performance and is suitable for engineering application.