Herein, the effects of electroslag remelting (ESR) and impurities in ESR slag on the composition, microstructure, and properties of lightweight steel with a nominal composition in wt% of Fe‐20Mn‐10Al‐1.5C are studied. These results can provide a reference for the production of such steels using ESR and the design of the composition of such steels. The results show that ESR can make the contents of Si increase and that of S decrease, make the grain size decrease, make the phase transformation of austenite at about 540 °C change from spinodal decomposition to ordered transformation, make the contents of MnS and SiO2 and inclusions greater than 5 μm decrease, make the distribution of inclusions homogenize, and make the shape of inclusions change from long strip with sharp corners to spherical shape. ESR can improve its strength, plasticity, and antiballistic penetration properties.