In order to promote the application of steel slag in road engineering, improve its utilization rate and solve the environmental problems caused by its large accumulation, unconfined compressive strength (UCS) test, indirect tensile strength (ITS) test, freeze-thaw cycle test, dry shrinkage and temperature shrinkage test tests with different steel slag contents were carried out. And the strength formation mechanism of steel slag in base material was revealed by SEM. The results show that the strength of the mixture initially increased and then decreased with increasing steel slag content. The frost resistance increased with increasing steel slag content, which should be limited to no more than 75%. Increasing the steel slag content improved the drying shrinkage resistance but was not conducive to the temperature shrinkage resistance. Microscopic analysis shows that adding a suitable amount of steel slag generated a gel material that was distributed inside the pores. This increased the density of the hardened slurry structure, which improved the strength. The research can provide scientific basis for the application and promotion of steel slag in road base.