Abstract: In order to solve the problem of water quenched phosphate industrial waste residue discharged during the production of yellow phosphorus and improve the reuse rate of waste resources, high temperature stability and water stability of asphalt mixture with different phosphorus slag content are studied by experiment. Marshall test, rutting test and immersion Marshall test are carried out for matrix asphalt mixture and phosphorus slag modified asphalt mixture respectively. The results show that when phosphorus slag content is 9%, the high temperature stability and water stability performance of phosphorus slag modified asphalt mixture reach a better level. Modification effect of phosphorus slag modified asphalt mixture was analyzed by means of electron microscope scanning and infrared spectroscopy. Analysis results show that the basic road performance of asphalt mixture can be significantly improved by adding phosphorus slag into base asphalt. According to the experimental study in this paper, it is concluded that a better modification effect is obtained when phosphorus slag is added into base asphalt with 9% powder oil ratio. Comprehensive analysis shows that the research on phosphorus slag modified asphalt has certain research value, which can solve the problem of water quenched phosphate industrial waste residue and resource reuse, and provides a new way to extend the industrial chain.