A vehicle load monitoring method for asphalt concrete (AC) pavement based on smart aggregates (SA) is proposed. Firstly, the cyclic stress is applied on an AC block embedding a piece of SA by a servo-hydraulic machine. During the loading, a variety of frequencies is used to consider the vehicle speed variation. The SA sensitivity in the given boundary condition is obtained and the influence of the loading rate on the sensitivity is studied. Secondly, the finite element (FE) model of the AC block embedding the SA is established with the real boundary condition of the loading test. The stress distribution in SA is analyzed and the SA sensitivity is obtained based on the numerical method. Finally, the influence of the AC Young’s modulus variation on its sensitivity is studied through the numerical simulation approach. This study demonstrates that the SA output varies linearly with the applied dynamic stresses, and in normal atmospheric temperature the variation of the SA Young’s modulus barely change the SA sensitivity. Thus, it can be concluded that the proposed monitoring method for vehicle load on the AC pavement is feasible and reliable.