In order to investigate the correlation between rejuvenator characteristics and the performance evolution of recycled asphalt under secondary aging, castor oil, cashew nut shell liquid, and waste engine oil were used to regenerate aged asphalt. The properties of the three rejuvenators (molecular structure, thermal performance, and activation energy) and their effects on the aging performance of the recycled asphalt were analyzed. The results indicate that all three rejuvenators effectively restore the performance of the aged asphalt. However, in terms of long-term anti-aging performance, the thermal stability and activation energy of the rejuvenators are the key determining factors. Pearson correlation analysis shows that the initial decomposition temperature (Td), maximum weight loss temperature (Tp), and activation energy (Em) of the rejuvenators are highly correlated with the long-term durability of the rejuvenated asphalt. Higher Td, Tp, and Em values correspond to better aging resistance of the rejuvenated asphalt. Therefore, selecting rejuvenators with stable molecular structure, high thermal stability, and high activation energy is crucial for ensuring the long-term service performance of rejuvenated asphalt.