Economic development results in increased traffic and higher traffic loads that often cause serious asphalt pavement problems, such as permanent deformation, fatigue cracking, and reduced lifetime. Polymers are seen as viable asphalt additives to minimize these problems. However, their incorporation reduces the workability of the material due to the increase in the viscosity of the blend. This study evaluates the effect of the addition of soybean oil on the physical, rheological, and thermal properties of high-density polyethylene (HDPE)-modified asphalt binder. The HDPE was kept at 5 wt.% and the soybean oil the asphalt was varied from 1 to 7 wt.%. A series of tests was conducted to evaluate the binders, comprising conventional tests (penetration, softening point, and ductility) rheological performance tests (dynamic viscosity and short-term aging (RTFO), and thermogravimetric analysis (TGA). The addition of HDPE reduced the penetration and increased the softening point and viscosity. The oil reduced steadily the viscosity, improved the workability and the thermal susceptibility of the modified asphalt up to 3 wt.% of oil, and reduced about 92% mass gain after aging. Hence, the oil is considered a good modifier agent for the improvement of polymer-modified asphalt’s workability under service conditions.