The instability of geological slopes in mining environments poses a significant challenge to the safety and efficiency of operations. Waste Dump#2 at the Ziluoyi Iron Mine in China is a notable case study that highlights the challenges associated with sizable base slopes and large step heights. To address hidden hazards in the mine and the above issues, an inclusive investigation is carried out to examine the physical and mechanical properties of the soil–rock slope through indoor testing and analyze the deformation mechanisms of the slope using numerical simulations, taking various factors into account. The study reveals that the stability of Waste Dump#2 is deeply affected by weight, groundwater conditions, earthquake loading, and rainfall. To this end, the cohesion and internal friction parameters of the soil–rock slope are first determined through direct shear tests, which show a cohesion of 6.215 kPa at the top of the slope and an internal friction angle of 34.12°. By adopting GEO-SLOPE, 3D Mine, and AutoCAD software, stability calculations of the slope are performed, which give stability coefficients of 1.547 under normal conditions, 1.276 in rainfall, and 1.352 in seismic conditions. These results meet safety standards and ensure the safe and efficient operation of the mine.