A biorejuvenator includes a bio-oil formed from a mixture including a first biomass component and a second biomass component. A nitrogen content of the first biomass component exceeds a nitrogen content of the second biomass component, and a lipid content of the second biomass component exceeds a lipid content of the first biomass component. Preparing the biorejuvenator includes combining a first biomass component and a second biomass component, and co-liquefying the first biomass component and the second biomass component to yield the biorejuvenator. The biorejuvenator can be used as an asphalt modifier in an asphalt composition or as a coating for asphalt pavement.