Moisture damage in asphalt mixtures refers to loss in strength and durability due to the presence of water. The level and the extent of moisture damage, also called moisture susceptibility, depend on environmental, construction, and pavement design factors; internal structure distribution; and the quality and type of materials used in the asphalt mixture. This study evaluates the moisture susceptibility of asphalt mixtures with known field performance using dynamic analysis and a crack growth model to characterize the asphalt mixtures and corresponding asphalt mastics. The model parameters were obtained from surface energy measurements, uniaxial dynamic testing for the asphalt mixtures, and dynamic shear testing for the asphalt mastics. Results showed good differentiation between the moisture-conditioned (wet) and unconditioned (dry) specimen behavior and provided a good correlation with the reported field performance of the asphalt mixtures.