The settlement of highway embankments can directly affect the structural safety of road pavement. Comprehensive assessment of the long-term settlement characteristics of highway embankments is important in highway safety management. The present study conducted long-term settlement monitoring in an embankment of the Xi’an-Xianyang Highway in Shaanxi Province, China, that was constructed with recycled construction and demolition waste. Variations in sectional settlement, cumulative settlement, differential settlement, and settlement rates were made in a barricade section and an arc-shaped protective slope section. The maximum settlement observed in the barricade section was 51.75 mm, with the embankment exhibiting “basin-shaped” settlement. The maximum settlement in the arc-shaped protective slope section was 42.22 mm, and the embankment exhibited “W-shaped” settlement. Furthermore, there were two stages of great increase in the settlement rate. Based on the results, control standards for the sectional settlement of embankments constructed with recycled construction and demolition waste are proposed. Finally, a model for predicting the long-term settlement in road embankments constructed with recycled construction and demolition waste is established based on a Weibull distribution probability density function.