The type of steel furnace slag (SFS), including electric arc furnace (EAF) slag, basic oxygen furnace (BOF) slag, ladle metallurgy furnace (LMF) slag, and argon oxygen decarburization (AOD) slag, can significantly affect the composite properties when used as an aggregate or as a supplementary cementitious material in bound applications, such as concretes, mortars, alkali-activated materials, and stabilized soils. This review seeks to collate the findings from the literature to express the variability in material properties and to attempt to explain the source(s) of the variability. It was found that SFS composition and properties can be highly variable, including different compositions on the exterior and interior of a given SFS particle, which can affect bonding conditions and be one source of variability on composite properties. A suite of tests is proposed to better assess a given SFS stock for potential use in bound applications; at a minimum, the SFS should be evaluated for free CaO content, expansion potential, mineralogical composition, cementitious composite mechanical properties, and chemical composition with secondary tests, including cementitious composite durability properties, microstructural characterization, and free MgO content.