This study prepared foamed waste oil-activated rubberized asphalt (ORA) by activating crumb rubber (CR) with waste vegetable oil (WVO) to address the issue of undesirable foaming effect. Optimal foaming parameters for different rubberized asphalt were determined based on foaming characteristic experiments. Furthermore, rheological properties, fatigue resistance, and adhesion performance of various unfoamed or foamed rubberized asphalt were evaluated through dynamic shear rheometer, bending beam rheometer, pull-out tests. Finally, the analytic hierarchy process was utilized to select the optimum foamed rubberized asphalt. The results show that foaming pressure has a great influence on rubberized asphalt foaming effect, and is recommended at 300 kPa. Compared to conventional rubberized asphalt whether foamed or not, with the increase of activation degree, low-temperature performance, and fatigue resistance of ORA are significantly ameliorated, and the adhesion property of ORA first increases and then decreases, but detrimental to high-temperature performance. The foaming process and foaming agent addition are conducive to low-temperature performance but unfavorable to fatigue resistance and high-temperature property, and have little effect on adhesion performance. ORA (mass ratio of WVO to CR is 1:5) with foaming agent is determined as the optimum selection.