Asphalt layer is directly exposed to the environment and bears major part of the traffic load and reduces majority of stress generated by transferring the stress to the bottom layers and thus proves to be most important layer of the flexible pavement. The main objective of this research is to study rut depth and fatigue damage of asphalt layer of pavement with respect to change in the speed of the moving load. In this research, the flexible pavement model is analyzed using finite element-based software ABAQUS in which the moving load of dual axle is used on the surface of the pavement. The pavement consisting of three layers, i.e., surface layer, base layer, and subgrade layer where asphalt layer is modelled as viscoelastic materials and other layers are modelled as elastoplastic materials using Mohr-Coulomb failure criteria. To check the effect of speed of the vehicle, different moving loads are assigned on the pavement surface. Further, the vertical deflection with respect to different moving speeds is calculated. The change in the rut depth of the pavement with respect to the change in speed and the effect of different types of strains developed in pavement are also investigated. From the results of the analysis, it can be concluded that the increase in speed results in decrease in rut depth. The result of the study can play an important role for designing the flexible pavement.