The long-term evolution of asphalt mixture stiffness in the field represents a complex process in which three factors play an essential role: damage, aging, and densification under traffic. To take the factors into account adequately, not only must the level of each factor be known, but also how each level modifies the modulus of the asphalt mixture for the temperature and frequency range corresponding to field conditions. The research presented is based on experimental data from four flexible sections tested at the test track of the Centro de Estudios y Experimentación de Obras Públicas (CEDEX), in Spain. The stiffness of the asphalt layer was periodically evaluated with falling weight deflectometer back-calculation and with dynamic modulus testing in the laboratory. During a 28-month period, 1,323,600 loads were applied on the pavements. This loading caused a high level of deterioration in all sections and significant asphalt densification. The loading also provided time for some aging effects to develop. From the results of this full-scale test, different conclusions could be deduced concerning the evolution of damage, aging, and densification and how this evolution modifies the stiffness of the asphalt mixture. The effects of changes in the parameters of the original master curve have also been quantified. The model and methodology incorporated in the CalME design procedure were successfully used to reproduce the evolution of the asphalt layer modulus during the test. In particular, the assumptions of this model regarding how the dynamic modulus master curve was modified by each of the three factors were found to be valid for this experiment.