Growing environmental and social concerns demand development of environmentally friendly and resource efficient solutions in road construction sector. Consequently, the current research is devoted to valorization of two types of industrial waste – cement by-pass dust (BPD) and biomass fly ash (FA) – to develop efficient binder for construction of more durable asphalt pavements. Within the research certain amounts of BPD and FA (6, 7 and 8 wt.%) have been introduced within styrene butadiene styrene (SBS) modified 70/100 grade bitumen to develop environmentally friendly hybrid binder systems (HBS) by high shear mixing. Structure, chemical composition and thermal stability of FA and BPD fillers have been characterized. Performance of the developed HBS have been assessed by means of rheological investigations (DSR and MSCR tests). It has been observed that HBS are characterized with improved rutting resistance in comparison to neat bitumen as well as improved elastic recovery and hence low-temperature characteristics in comparison to SBS modified bituminous compositions.