The use of reclaimed asphalt pavement (RAP) has significantly increased in construction and rehabilitation of flexible pavements to ensure proper use of limited natural resources. Bio-oils could act as a rejuvenator and reduce the stiffness of binders and mixes with high RAP content. Two oils, namely waste cooking oil (WCO) and soy oil, are potential sources of bio-oils that are abundant and can potentially be used. This study was conducted to explore the effects of the bio-oils on binder and mixture properties that contain a high percentage of RAP binder. Two different types of aggregates and virgin binders were used in the study, along with a RAP binder that was extracted and modified by the bio-oils in the laboratory. Rheology of the modified binder was evaluated, and hot mix asphalt (HMA) specimens prepared using the modified binder were tested to determine the rutting, fatigue cracking, and low-temperature cracking resistance. The test results indicated the improved and typical performance of HMA with the modified binder.