Steel slag, clay, quartz, feldspar, and talc were mixed to prepare steel slag ceramics. Crystalline phase transitions, microstructures, and the main physical-mechanical properties (water absorption, linear shrinkage, and flexural strength) of steel slag ceramics for various MgO/Al2O3 ratios were investigated by X-ray diffraction, Fourier transform infrared spectroscopy, scanning electron microscopy, and mechanical testing. The results indicated the significant effect of the MgO/Al2O3 ratio on these properties. A decrease in the MgO/Al2O3 ratio resulted in a major crystalline phase transformation from quartz and pyroxene phases to quartz and anorthite phases. High MgO content facilitated production of pyroxene phases. High Al2O3 content favored production of anorthite phases. The water absorption of all the samples (below 0.5%) met the Chinese national standard requirements. Samples with an MgO/Al2O3 ratio of 0.6 exhibited excellent flexural strength, reaching 62.20 MPa. FactSage software was used to predict batch viscosity, which increased with decreasing MgO/Al2O3 ratios.