Hard-grade asphalt binders like AC20-30 typically exhibit excessive stiffness, reduced penetration, and compromised workability, necessitating modification before use in paving applications. This study evaluates the efficacy of regular polyalphaolefin (PAO), a synthetic olefin-based lubricant, as a performance-enhancing modifying agent for such binders. AC20-30 was blended with PAO at dosages ranging from 2 wt.% to 10 wt.%, and the modified binders were characterized via penetration, ductility, softening point, and rotational viscosity measurements, alongside advanced rheological and chemical-morphological analyses. Incorporating PAO in AC20-30 asphalt progressively reduced the binder stiffness and enhanced its flexibility, with all modified formulations satisfying AASHTO M332 Grade E specifications. Linear amplitude sweep (LAS) testing indicated a substantial improvement in fatigue performance, with the 10% PAO modification exhibiting an 18 times increase in fatigue life at 5% strain relative to the unmodified control. Fourier-transform infrared spectroscopy (FTIR) spectra revealed increased aliphatic and unsaturated functional groups associated with PAO incorporation, while scanning electron microscopy (SEM) imaging indicated a morphological transition toward more continuous and less compact microstructures. Optimal performance was observed at a PAO dosage of 6 wt.%, which provided the best balance of low-temperature flexibility, fatigue resistance, and high-temperature rheological properties. Cost analysis demonstrated that even at 10 wt.% PAO, the modified binder remains below the price of AC40-50, supporting economic feasibility. These findings show that PAO functions effectively as a dual-purpose modifier, providing a practical and cost-effective approach to enhance the performance of hard-grade asphalt binders for heavy-duty pavement applications.