The production process of the traditional paper making process produces a large amount of waste water, known as paper black liquor. It is needed to explore new ways of reusing this waste and replacing part of the base bitumen to reduce the consumption of non-renewable resources, such as petroleum, thus obtaining better environmental, economic, and social benefits. This paper analyses the feasibility of using paper black liquor, which contains a large amount of lignin, as a modifier for bitumen in the paper industry. Samples of modified bitumen were prepared with 15%, 30%, and 45% of the base bitumen replaced by paper black liquor, and a control group of base bitumen was prepared for testing. The samples were subjected to an 85 min short-term ageing test, FTIR scanning test, thermogravimetric test, frequency scanning test, MSCR test, and LAS test. The analysis of the FTIR and thermogravimetric tests showed that the paper black liquor was mainly composed of lignin and some cellulose, and contained a small amount of salts with Na ions; based on the results of the frequency scan, the compatibility analysis of the vGP curve showed that the modified bitumen was more compatible in the high-temperature range after short-term ageing, thus inferring that the water content of the concentrate had an influence on the compatibility, making it necessary to further investigate different optimum water contents to achieve the best performance and benefit. The incorporation of paper black liquor improved the rutting resistance and fatigue resistance of the modified bitumen, and also gave the paper-black-liquor-modified bitumen a better ageing resistance than the base bitumen. While demonstrating the feasibility of using paper black liquor as an bitumen modifier, this study also helps to provide a basis for theoretical applications of biomass materials in the field of road engineering.