This study evaluated the effect of steel slag and steel wool fibers (SWF) on self-healing performance of asphalt mixture. The microstructure and distribution of SWF in mixture were examined by a computerized tomography scan and image analysis program. Thermal conductivity was investigated using the thermal constant analyser. The heating rate and healing performance were measured by induction heating system. The results showed the uneven distribution and the agglomeration in the mixtures when the content of fibers exceed a certain dosage. It was found that the mix with steel slag had higher heating rate than the mix with normal aggregate; however, its healing performance was slightly lower because of the breaking of weak steel slag. Finally, the mechanical test results indicated that SWF can enhance the resistance and prolong the fatigue life of asphalt mixtures.