Properly maintained pavement can last indefinitely without having to be completely reconstructed, and the occasional overlay - in which a new layer of asphalt is placed on top of an existing surface - can keep your asphalt pavement looking brand new.
This should only be done on pavement surfaces that are in good condition, as cracked or structurally unsound pavements below can cause the asphalt overlay to fail (the overlay will reflect all of the cracks from the surface below). However, this can be a good short term solution if you want to temporarily improve the aesthetics of your property (for example, if you are looking to sell in the near future).
This can be done over either asphalt or concrete, although an asphalt overlay on top of concrete is not recommended. Concrete is a very rigid pavement, which expands and contracts with temperature changes - that's why it has expansion joints. Asphalt is a flexible pavement built as a single slab, and it will crack whenever the concrete underneath it moves because it is not designed to move in the same way. Asphalt will also show reflective cracking from the expansion joints and cracks in the concrete below.
The thickness of the overlay is typically 1-2".
Mill and Overlay
With a mill and overlay, a milling machine is will remove the surface of your pavement, and a layer of hot mix asphalt will be placed on top. This is ideal if grades need to be maintained or altered.