To overcome the limitations of evaluation methods for the performance of cold patching asphalt mixtures, this paper systematically studied the pavement performance and its evaluation system of solvent-based cold patching asphalt mixtures using fully finely stripped and sieved reclaimed materials. Meanwhile, a multi-stage research approach was adopted to conduct an in-depth investigation. Firstly, the material ratio of the new solvent-based cold patching liquid was optimized based on the orthogonal test design method. Subsequently, an evaluation system covering key performance indicators and the corresponding technical standards was constructed. On this basis, the developed evaluation method was applied to conduct a comprehensive performance characterization of the new recycled cold patching asphalt mixture, with the influence laws of fiber and diluent content on the performance of cold patching materials analyzed. The results show that the optimally designed recycled cold patching mixture with fully finely stripped and sieved reclaimed materials has obvious technical advantages, which are specifically reflected in the high initial and formed strength, good cohesion, excellent construction workability, and strong water stability. The proposed performance evaluation system can effectively characterize the actual service performance of materials. When the mixture indicators meet the recommended standards, the quality of pavement pothole repair can be significantly improved, and the service life of the repaired structure can be extended.