The fine clay content in reclaimed powder significantly influences the mechanical properties of cement-based materials. To promote the resource utilization of reclaimed powder in road engineering, using the methylene blue (MB) value as an indicator to evaluate the fine clay content of reclaimed powder, the influence of the MB value and proportion of reclaimed powder on the mechanical strength of cement-stabilized macadam was analyzed; fitting equations for the relationship between reclaimed powder proportion and mechanical strength were constructed; the required MB value and optimal proportion of reclaimed powder were clarified; the impact of MB value variation on mechanical strength under optimal proportion conditions was evaluated; and with mechanical strength consistency as the principle, equivalence analysis between reclaimed powder proportion and cement content was conducted. The results indicate that when the MB value of reclaimed powder is less than 5.0 g/kg, the MB value has no obvious influence on the mechanical strength of cement-stabilized macadam. With increasing reclaimed powder content, both the compressive strength and splitting tensile strength of cement-stabilized macadam first increase and then decrease, reaching peak values at reclaimed powder contents of 3.0–4.0% and 5.0–5.5%, respectively. As cement content increases, the strength-enhancing effect of reclaimed powder weakens. The MB value of reclaimed powder should be less than 5.0 g/kg with a content of 4%. When cement content is 3–4%, based on mechanical strength equivalence, a reclaimed powder content of 4% can replace at least 0.4–0.5% of cement content.