This paper details a study conducted to evaluate the performance of cold in-place recycling (CIPR) using polymer modified asphalt emulsion (PMAE). The asphalt emulsion was modified using natural rubber latex (NRL). Four proportions of reclaimed asphalt pavement (RAP) which are 0%, 25%, 50% and 75% were mixed with natural aggregates and modified asphalt emulsion using natural rubber latex (NRL). The results showed that the optimum modified asphalt emulsion for each proportion of RAP decreased due to the increase in RAP content. Results obtained from Indirect Tensile Strength (ITS) and Uniaxial Compressive Strength (UCS) test for the mixes complied with the requirements of the Road Engineering Association of Malaysia (REAM) specifications. The unsoaked and soaked ITS values obtained were 0.2 MPa and 0.15 MPa respectively, and the minimum compressive strength of CIPR mix obtained was 0.7 MPa. Based on the evaluation of performance for the four RAP proportions, it was determined that 50% of RAP gave the best combination of the CIPR mixture.