This study conducted a series of indoor and on-site tests to make clear the feasibility and effect of lime-restabilized demolished waste lime soils as a road base. The compaction characteristics, compressive strength, and bearing capacity of these waste lime soils restabilized with 3% lime were investigated and discussed. The results show that the demolished waste lime soils restabilized with lime reduced the maximum dry density by 4.2% and increased the optimal moisture content by 15.3%, compared with the initial demolished waste lime soils. Their compressive strength increased slowly then rapidly and then slowly again as the curing time increased. The demolished waste lime soils restabilized with an addition of 3% lime still appeared a relatively high strength reduction after being immersed in water. Their saturated softening coefficient after curing for 28 days was 79.4%. The on-site roadbed deflection values indicated that the structure layer of lime-restabilized demolished waste lime soils had excellent strength and bearing capacity overall. The outcomes can provide a theoretical reference for the utilization of waste lime soils as road bases.