This study explores the role of nanomaterials in the performance of asphalt binders and mixtures. Two commonly available nanomaterials, i.e., nanosilica (NS) and nanoalumina (NA), were used at contents of 0%, 2%, 4%, 6%, and 8% by weight of asphalt binder. A set of experiments was carried out at the binder level to investigate properties such as penetration, softening point, aging-related mass loss, nanomaterial dispersion (storage stability), and workability (rotational viscosity). In addition, the suitability of NS and NS was also assessed through the testing of nanomodified asphalt mixtures, which focused on Marshall properties, the resilient modulus, moisture susceptibility, permanent deformation, and fatigue resistance. The findings indicate that nanomaterials impart a stiffening effect and enhance binder properties while maintaining storage stability and aging characteristics within limits. Their addition also improved the asphalt mixture stability and volumetric characteristics, especially at higher contents. The resilient modulus (Mr) evaluations highlight the ability of NS and NA to sustain repetitive loading as well as enhance recovery from deformation, with significant increases of 28.7% and 16.1% observed at 8% NS and NA contents, respectively, compared with those of the control mixture. Although both nanomaterials exhibit improved resistance against moisture damage, permanent deformation, and fatigue distress, the effect of NS was more promising than that of NA. Statistical analysis confirmed the importance of selecting these nanomaterials and contents for producing asphalt mixtures. On the basis of the performance testing, 4% NS and 6% NA were the optimal contents for achieving satisfactory performance.