This paper focuses on a laboratory investigation of compaction characteristics of warm mix asphalt produced with the addition of synthetic zeolites. The influence of the time elapsed between mixing and compaction operations on mix compactibility was evaluated to define an optimum “micro-foaming time” (MFT), in which the additive can completely release the water contained. A comparison between traditional hot mix asphalt and warm mixes was carried out; two compaction methods (impact and gyratory) were used. Mix compactibility was firstly evaluated in terms of air voids content for each condition of compaction (immediately after mixing or after 1–2 h of storage in an oven). Mix resistance to densification and to distortion was investigated by means of compaction indexes and traffic indexes. Data showed that the foaming process due to the addition of the zeolite has a peak value of intensity after 1 h of MFT. This effect seems to vanish after a longer period of time. Outcomes of this study are expected to benefit both practitioners and researchers.