Abstract: To investigate the effect of freeze-thaw cycles on the moisture susceptibility of asphalt mixtures, the changes of adhesion work and exfoliated work between asphalt aggregate interface under different freeze-thaw cycles were analyzed based on the surface free energy theory, and the moisture stability of asphalt mixture was evaluated. The effects of water saturation and freeze-thaw on the water stability of asphalt mixture were further explored by splitting test and Logistic model. The results show that with the increasing of freeze-thaw times, the surface energy and cohesive work of asphalt are decreased with decreased adhesion work between asphalt and aggregate, while the exfoliated work is increased with decreased moisture susceptibility of asphalt mixture. The void fraction of asphalt mixture is increased with the increasing of freeze-thaw times, while the splitting strength is decreased. The greater the saturation of asphalt mixture during freeze-thaw is, the greater the damage degree and damage rate are. When the saturation of asphalt mixture is greater than 50.00%, the effect of freeze-thaw on the performance of asphalt mixture becomes more obvious. Therefore, it is recommended that the freeze-thaw splitting test of asphalt mixture should be carried out under the condition of saturation higher than 50.00%.