Provided is high fracture toughness and elasticity modified asphalt. The needle penetration of the high fracture toughness and elasticity modified asphalt is larger than 301/10 mm, the ductility is larger than 40 cm under the temperature of 5 DEG C, and the softening point is larger than 90 DEG C. The high fracture toughness and elasticity modified asphalt comprises, by mass, 70%-85% of matrix asphalt, 5%-20% of thermoplastic elastomer, 2%-5% of reinforcing agent, 1%-5% of compatilizer, 5%-20% of a softening agent, 0.01%-0.1% of a dispersing agent, 0.2%-0.5% of a cross-linking agent and 0.5%-2% of viscosity reducer. According to the modified asphalt, the mixing amount of a modifying agent is high, the stability is good, the high and low temperature performances are good, using for construction is convenient, curl pavements and other functional pavements can be prepared, and the high fracture toughness and elasticity modified asphalt is used for paving of roads and bridge faces.