This study investigates the economic and environmental advantages of using recycled asphalt mixtures with varying percentages of Reclaimed Asphalt Pavement (RAP), cottonseed oil, and zeolite. The primary objective was to assess these mixtures’ life cycle impacts and costs compared to a traditional control mixture. The methodology employed includes Life Cycle Assessment (LCA) and Life Cycle Cost Assessment (LCCA), with a focus on endpoint impact categories such as ecosystem damage, human health, and resource availability. The analysis encompassed production, construction, and end-of-life phases, utilizing an 8.5% discount rate and a 10-year planning horizon. Results indicate that recycled asphalt mixtures with RAP and additives show significant environmental benefits, including reductions in impacts across all evaluated categories. Specifically, RAP incorporation led to substantial reductions in resource consumption and lower life cycle costs. Mixtures with 33% RAP and 10% cottonseed oil, and 33% RAP and 0.3% zeolite, demonstrated the highest cost savings and environmental performance improvements. The findings highlight that while the inclusion of additives increases some costs, the overall economic advantage of RAP utilization is substantial. This research underscores the feasibility of using recycled asphalt mixtures as a sustainable alternative to traditional mixtures, offering both economic and environmental benefits.