Semi-flexible pavement (SFP) is made up of a porous skeleton of asphalt mixture and cement grout. This special structure granted SFP superior strength and durability and made it a promising solution for the paving of heavy trafficked area. This paper performed in-depth study on the mechanistic behavior of SFP. Firstly, the volumetric mix design of SFP was introduced, and followed with strength, moisture susceptibility, viscoelastic behavior, fatigue life as well as rutting resistance through a series of laboratory tests. Marshall stability tests and dynamic stability tests suggested that SFP gained fair strength and rutting resistance from the curing of cement grout. Meanwhile, SFP was found not sensitive to freeze–thaw cycles through indirect tensile tests. In dynamic modulus tests, SFP exhibited significant viscoelastic behaviors. In four-point beam fatigue tests, the average fatigue lives of SFP reached 85.4 k loading repetition under 400 µε level. In Hamburg wheel tracking tests, the ultimate rutting depth of SFP was smaller than 2.5 mm. The viscoelastic behavior and rutting propagation of SFP was characterized with master curve and power function by fitting the test results. SFP was also compared with traditional asphalt mixtures in MMLS3 accelerated tests and its performance turned out to be prevailing.