The vibration reduction effect of compacted stone mastic asphalt (SMA) mixture with rubber particles or rubber powder has been widely explored, but the vibration reduction effect of common SMA mixture has not received enough attention. To explain the vibration reduction effect of compacted SMA mixture, the vibration attenuation test on tires was designed to simulate the attenuation characteristic of automobile tires in vertical vibration. Meanwhile, the influence of material composition and paving thickness on the vibration characteristics of compacted SMA mixture was also analyzed. Results show that compared to the compacted SMA mixture with different nominal maximum size of aggregate, the vibration attenuation coefficient of compacted SMA-13 mixture is higher than SMA-5 and SMA-10 mixtures, and the difference between SMA-16 and SMA-13 is slight. The vibration reduction effect of compacted the SMA-13 mixture is associated with asphalt type, content of coarse aggregate, and asphalt binder, but the design of the mixture proportion should also be combined with pavement performance. The vibration attenuation coefficient of compacted SMA mixture with Styrene-Butadiene-Styrene block copolymer (SBS)–modified asphalt is slightly larger than that of the high viscosity–modified (HVM) asphalt mixture. Through comprehensively considering different influencing factors, the mineral aggregate gradation and the dosage of asphalt binder are found to be the dominant factors that affect the vibration reduction effect of the compacted SMA mixture. The research results can provide some references for improving the comfort of passengers and optimizing the design of asphalt mixture in environmentally sensitive areas.