Ladle slag is a byproduct formed during the ladle refining stage of steel making. It is a dusty material that has been considered industrial waste. Technical advancements towards a sustainable industry led to the development of different applications for ladle slag. Depending on the processing methods during the steel slag production and the weathering of the slag post‐production, the elemental composition of the steel slag largely varies. Owing to this, its characteristics cannot be generalized and specific applications depending on the sources are developed. It is generally used in construction materials, soil rejuvenation, and CO2 capture. This paper reviews the production process, the mineralogical and morphological properties, stabilization techniques, and the applications of ladle furnace (LF) slag. One of the prime focuses of waste remediation and sustainable industry is to find meaningful ways to turn waste into products. In this respect, a comprehensive review of the properties of LF slag and its current application will help provide a framework for the development of future sustainability goals. With increased slag usage, the ladle refining process of steelmaking can be turned into a more carbon‐neutral process.