Cold mix asphalt (CMA) is an environment-friendly substitute for hot mix asphalt (HMA) for road and highway construction because of its low-energy consumption and less pollutant gas emission. CMA is usually considered to be inferior in performance, compared to HMA due to several factors. However, with the increasing carbon footprint from HMA and its contribution towards global warming, CMA can be one of the sustainable alternatives. The estimation of CMA’s performance characteristics using cement as active filler and a comparison of that performance with HMA are the primary objectives of this work. In order to co-relate the performance, DBM and SMA gradations were selected and CMA mix design was performed as per MS-14 using Marshall compaction with cement as mineral filler. Marshall properties were evaluated in dry and wet conditions and compared with HMA mixtures. The volumetric analysis indicated that CMA mixtures had higher air voids compared to HMA for same compaction effort. The permanent deformation performance (rutting resistance) of CMA mixture was evaluated using unitracker single wheel tracker device at 60 ℃. In comparison with mixtures without cement, the rut depth was considerably reduced upon the addition of cement, even after soaking. Based on these results, it is possible that CMA, with moderate gradation properties modifications, could be one of the sustainable alternatives to HMA. On CMA, more research can be done with an emphasis on durability, ageing, life-cycle assessment, and life-cycle cost analysis.