To continuously test the bearing capacity of pavement structure under actual traffic loads, the continuous impact load of a vibration equipment with vibrating drum jumping on a pavement structure was used to simulate actual vehicle loads, and a dynamic model of “machine-ground” system was established considering the vibration mass of pavement structure and the change of initial phase angle in each movement stage. Then, a multi-layer elastic system of the pavement structure was equivalent to an elastic half-space body which uses the composite modulus of multi-layer structure to represent the bearing capacity of the pavement structure. By comparing and analyzing the mean and root-mean-square values of the negative acceleration extreme value of the vibrating drum in different statistical durations, the mean value in the statistical duration of 4 s was proposed as the index for evaluating the acceleration signal of the vibration drum. The regression relation between the acceleration signal of the vibration drum and the composite modulus of the pavement structure was obtained when different types of vibration device continuously impacted the pavement structure with different bearing capacities, and the feasibility of the method was proved by field test. Research results show that there was a good regression relationship between the acceleration signal of vibration drum and the composite modulus of road structure under jumping condition. With the changes of the pavement structural composite modulus, the smaller the mass of the vibration equipment was, the more obvious the change of the acceleration signal index of the vibration drum was, and the better the detection effect was. Therefore, a vibration equipment with the weight of 2 t and excitation force of 100 kN could be used to continuously test the bearing capacity of pavement structure under actual traffic loads.