Stone Matrix Asphalt (SMA) is a gap-graded asphalt rich mix with a high concentration of coarse aggregates. In the present investigation, SMA mixtures were prepared with chemically treated aggregates and Crumb Rubber Modified Bitumen (CRMB), and were compared for various characteristics. SMA samples were prepared in conventional Marshall and Superpave Gyratory Compactor (SGC) methods. Volumetric and Marshall properties, Indirect Tensile Strength (ITS), rutting and moisture susceptibility, fatigue behaviour and permeability characteristics were determined for these mixtures. From the laboratory studies it is evident that, chemically treated aggregates with normal bitumen (Viscosity Graded (VG) 30) and CRMB with normal aggregates can be used in SMA to meet the drain down requirements. CRMB mixes were observed to be having an upper hand in performance, even though treated aggregates mixes showed better moisture resistance properties. © 2014 American Society of Civil Engineers.