This invention is based upon the discovery that hydroxylated carboxylic acids which contain at least 17 carbon atoms and zinc, aluminum or alkaline earth metal salts thereof, such as zinc ricinoleate, act effectively as deodorants in asphalt and asphalt containing compositions. The present invention more specifically discloses an asphalt additive composition which is comprised of (1) an asphalt, (2) 0.05 weight percent to about 4 weight percent of a partitioning agent, and (3) at least 0.1 weight percent of a deodorant selected from the group consisting of (a) a hydroxylated carboxylic acid which contains at least 17 carbon atoms and (b) an aluminum, zinc, or alkaline earth metal salt of a hydroxylated carboxylic acid which contains at least 17 carbon atoms. In many applications it is beneficial for the asphalt additive composition to further include 0.5 weight percent to about 50 weight percent of a polymer additive.