Along with iron and steel production, large amount of slag is generated. Proper management on the iron-and steelmaking slag is highly demanded due to the high cost of direct disposal of the slag to landfill, which is the most adopted management approach. In this article, the potential application of iron-and steelmaking slag has been reviewed, which included the slag utilization in construction as cement and sand, in water, soil, and gas treatment, as well as in value material recovery. In addition, the challenge and required effort to be made in iron-and steelmaking slag management have been discussed.