The improper treatment of steel slag (SS) will cause serious environmental problems. Therefore, appropriate management and disposal practices are essential to mitigate the potential environmental risks. This paper delineated the impact of steel slag on cement-based materials’ working performances. The paper provides an exhaustive overview of the mechanical properties, encompassing flexural strength, compressive strength, etc. Finally, the frost resistance, sulfate attack resistance, and seepage resistance of steel slag cement were outlined. This literature review found that steel slag increases the fluidity of cement-based materials, with a setting time approximately 210% to 300% longer than that of Portland cement (PC). When the replacement rate is 50%, the compressive strength can reach 60–80 MPa and the bending strength can reach 6–9 MPa. An optimal replacement of steel slag improved concrete’s frost resistance by 15–20% and reduced permeability by up to 30%.