In this paper, magnetite powder and activated carbon powder were mixed in order to prepare the compound asphalt mortar. Through dynamic shear rheometer test (DSR) and Brookfield viscosity test, high temperature rheological properties of 7 groups specimens with different proportion were compared and the effects of complex blending ratio, test temperature and loading frequency on the rutting factor, complex shear modulus, phase angle and Brookfield viscosity of asphalt mortar were analyzed. The results show that activated carbon powder can not only improve the high temperature stability but increase the viscosity of asphalt mortar and its commended blending ratio ranges from 60 to 80%. Magnetite powder and activated carbon powder has little effect on the phase angle of the asphalt mortar. Under the high temperature condition, when the magnetite powder/activated carbon powder mixing ratio decreases, the temperature sensitivity of asphalt mortar gradually becomes weakened.