The terminal blend rubberized asphalt which could be made by wet process in factory and used in gap graded mix was studied. The paper researched the terminal blend rubberized asphalt and its gap graded mixture via mix design and laboratory test. The results indicated that the gap graded terminal blend rubberized asphalt mixture has similar moisture stability and poor performance at low temperature to that of asphalt-rubber or SBS modified asphalt mixture, while the gap graded terminal blend rubberized asphalt mixture has excellent anti-rutting performance. The amount of the terminal blend rubberized asphalt is similar to SBS modified asphalt and less than the asphalt-rubber made by wet process on site in the gap graded mixture. The performances of the gap graded terminal blend rubberized asphalt mixture without cellulose fiber meet the requirements of SBS modified asphalt SMA. So with the use of the terminal blend rubberized asphalt in SMA, the cost of the mix would be decreased while the cellulose fiber is omitted. Meanwhile, the costs of the gap graded terminal blend rubberized asphalt mixture are significantly lower than asphalt-rubber mixtures. Compared to the asphalt-rubber, the terminal blend rubberized asphalt has excellent energy saving too. So the terminal blend rubberized asphalt mixture has good application foreground after verification by engineering.