As a by-product of the iron and steel industry, steel slag is rich in catalytically active substances and can therefore be used as a solid catalyst. Many studies have shown that the application potential of steel slag in catalysis is huge, which provides new development space for its application, thereby increasing its additional utilization value. This article primarily reviews the research progress in catalytic fields such as catalytic pyrolysis, organic degradation, electrocatalysis, photocatalysis, transesterification, and carbon capture and storage, as well as the modification methods of steel slag. The catalytic performance of the modified steel slag has been further improved, and it has the meaningful characteristics of high efficiency, cleanliness, and low costs.