A　reactive　rejuvenator　(RR)　containing　epoxy　functional　groups　and　a　conventional　rejuvenator　(CR)　were　used　to　regenerate　the　aged　SBS　modified　bitumen　(SBSMB).　Effects　of　two　kinds　of　rejuvenators　on　physical　properties,　rheological　properties,　chemical　structure　and　phase　morphology　of　the　aged　SBSMB　were　investigated.　Compared　with　CR,　RR　performs　better　in　recovering　the　physical　and　rheological　properties　of　aged　SBSMB,　especially　for　ductility,　9　wt%　RR　could　recover　the　ductility　of　aged　SBSMB　to　a　level　which　is　close　to　virgin　SBSMB,　and　the　RR　shows　more　effective　regeneration　effect　in　the　repeated　aging　and　regeneration.　FTIR　and　phase　morphology　analysis　indicates　that　epoxy　functional　groups　in　RR　could　react　with　carboxylic　groups　formed　in　the　degradation　of　SBS　and　generate　carboxylic　ester　group,　which　could　bond　those　oxygenated　chain　fragments　of　SBS,　enhance　the　interaction　among　the　SBS　chains　and　partially　offset　the　degradation　of　SBS　chains　and　the　swelling　and　dilution　effects　of　oily　compositions　on　SBS,　resulting　in　good　restoration　of　the　network　structure　of　SBS　and　the　ductility　of　SBSMB.