Environmental safeguards promote innovative construction technologies for sustainable pavements. On these premises, this study investigated four hot mix asphalt (HMA) mixtures—i.e., A, B, C, and D—for the railway sub-ballast layer with 0%, 10%, 20%, and 30% reclaimed asphalt pavement (RAP) by total aggregate mass and a rejuvenator additive, varying the bitumen content between 3.5% and 5.0%. Both Marshall and gyratory compactor design methods have been performed, matching the stability, indirect tensile strength, and volumetric properties of each mixture. Dynamic stiffness and fatigue resistance tests provided mechanical performances. Laboratory results highlighted that the RAP and the rejuvenator additive increase the mechanical properties of the mixtures. In addition, the comparative analysis of production costs revealed up to 20% savings as the RAP content increased, and the life cycle impact analysis (LCIA) proved a reduction of the environmental impacts (up to 2% for resource use-fossils, up to 7% for climate change, and up to 13% for water use). The experimental results confirm that HMA containing RAP has mechanical performances higher than the reference mixture with only virgin raw materials. These findings could contribute to waste management and reduce the environmental and economic costs, since the use of RAP in the sub-ballast is not, so far, provided in the Italian specifications for railway construction.