The variability of recycled asphalt pavement (RAP) is one of the key factors limiting its high-content use in recycled asphalt mixtures (RAM). Although the RAP variability and clustering phenomenon can be effectively reduced by the precision separation (PS) technology, the road performance of RAM based on this technology requires further investigation. To address this issue, RAP materials were pre-processed using PS technology, followed by a comprehensive evaluation of the road performance of the RAM through rutting tests, freeze-thaw splitting tests, and beam bending tests. In addition, the influences of PS-RAP content and rejuvenator content on the road performance were analyzed. Results indicate that as the RAP content increases from 40% to 70%, the high-temperature performance of the RAM improves by 46.5%, while water stability, low-temperature performance, and fatigue resistance decrease by 6.5%, 39.6%, and 73.3%, respectively. The dynamic modulus initially increases and then decreases with the RAP content. As the rejuvenator content increases to 8%, water stability, low-temperature performance, and fatigue resistance improve from 9.7%, 89.4%, and 219.6%, respectively but high-temperature performance decreases by 16.4%. All road performance indicators of the RAM under different RAP content meet the specification requirements, demonstrating that the RAP content can reach up to 70% when PS technology is applied. Considering both road performance and costs, it is recommended that the rejuvenator content be controlled within the range of 4% to 6%.