The poor storage stability of rubber asphalt induced by the incompatibility of the rubber-asphalt system still remains challenging although extensive researches have been performed. In this study, the waste cooking oil residue (WCOR) was used as a stabilizer to prepare a hot storage-stable rubber asphalt (HSSRA). The key preparation parameters in terms of WCOR content, mixing temperature and mixing time were optimized using an orthogonal test, and the resulting softening point difference value of HSSRA reached 0.3 ℃ at the optimum preparation condition. Chemical and molecular analysis via Fourier transform infrared (FTIR) spectroscopy and gel permeation chromatography (GPC), as well as phase morphology analysis via fluorescence microscopy (FM) showed that there was no chemical reaction between WCOR and rubber particles during the preparation process. The incorporation of WCOR in rubber asphalt promoted the swelling and decomposition of rubber particles, which led to the improved storage stability of HSSRA. Brookfield viscosity analysis proved that WCOR reduced the viscosity of HSSRA, thus lowering the mixing and compaction temperature. Rheological characterization via dynamic shear rheometer (DSR) and bending beam rheometer (BBR) revealed that the low-temperature performance of HSSRA was enhanced significantly compared with that of rubber asphalt, whereas the high-temperature stability of HSSRA was slightly reduced. Notably, the aging resistance of HSSRA was improved due to the effect of WCOR.