In cold region asphalt pavement projects, the primary challenge encountered is the asphalt mixture’s susceptibility to low-temperature cracking. To address this issue, this study explores the performance of asphalt binders under the rigorous conditions of northern China’s cold climate, employing both traditional and Performance Grade (PG) testing methods. Eight binder samples were evaluated, including four neat and four modified binders. Traditional tests indicated minimal differences among the samples, with all meeting the specific Chinese standards, yet these methods proved limited in differentiating performance potential. Conversely, PG testing demonstrated greater efficacy, distinctly identifying binders that withstand extreme conditions: notably, one neat (Sample 4, PG 58–28) and one modified binder (Sample 2, PG 64–34) met stringent performance criteria. These binders were utilized to construct a test section which, after 4 years, showed outstanding performance and negligible distress, surpassing pavements constructed with traditional methods.