The dynamic modulus |E*| of asphalt mixtures with varying volumetric properties was evaluated in this study. The dynamic modulus test, repeated load permanent deformation test, and beam fatigue test were performed in laboratory to evaluate the stiffness, rutting, and fatigue performance for three types of mixtures, respectively. The Falling Weight Deflectometer (FWD) test was conducted to evaluate field pavement conditions of four sections from two highways in Jiangsu. It is observed from the |E*| master curves that for a specific type of mixture, |E*| decreases with the increase in binder content at the lower reduced frequency, while at the higher reduced frequency a peak |E*| value exists at the approximate optimum binder content obtained from volumetric mix design criteria. It is also found from the tests results that dynamic modulus indicators |E*| and |E*|/sinφ do not show good agreements with fatigue and rutting performance of different mixtures. In addition, it is shown that the Witczak model strongly underestimates |E*| of the mixtures used in this study and should be corrected by a shift factor of 1.8621. Finally, a dynamic modulus prediction model for asphalt mixtures with varying volumetric properties was developed in laboratory and successfully verified using in-situ FWD backcalculation.