Cold mix asphalt mixture has a low strength and poor water stability, hence to solve this challenge, a cold mix asphaltic liquid was prepared in this study based on microscopic properties. LB-10 gradation was adopted and basalt fiber was selected as a reinforcing agent. The optimum asphaltaggregate ratio was determined by the Marshall test, and mix proportion was also designed. The laboratory tests were used to systematically evaluate road performance of the cold mix asphalt mixture. From the test results, it was shown that the initial strength, molding strength, immersion Marshall strength, residual stability, freeze-thaw splitting ratio, residual rate and dynamic stability of self-made cold mix asphalt mixture were 2.42 kN, 4.87 kN, 6.79 kN, 92.8%, 82.05%, 99.5% and 632 times/mm respectively. The initial strength, molding strength and residual stability of mixture became 90.9%, 88.7%, and 96.2%, respectively of their former values after one-month storage, showing good workability. By analyzing its research data and comparing with its existing products, the developed cold mix asphalt mixture can not only meet the requirements for road performances of the cold mix asphalt mixture in terms of strength, workability and high temperature stability, but greatly improves the water stability, storage stability and cohesive performance of the mixture.