Porous asphalt mixtures with steel slag (PAM-SS), as an eco-friendly and low-cost pavement material, are conducive to addressing the issue of urban floods and natural resource shortages. The primary objective of this paper was to explore the feasibility of the application of PAM-SS for seasonal frozen regions, and ascertain the optimal replacement percentage of natural aggregate. Steel slag coarse aggregate (SSCA) was used to replace basalt coarse aggregate (BCA) at four levels (25%, 50%, 75%, 100%) by equal volume. The volume characteristics, mechanical properties, low-temperature cracking resistance, water stability, and freeze-thaw (F-T) durability of the mixture were assessed. The results indicated that the low-temperature cracking resistance of the mixture was significantly enhanced and acoustic emission (AE) energy was uniformly released by the incorporation of steel slag. Furthermore, the porosity, permeability, Marshall stability (MS), and the resistance against water damage and F-T cycles were also significantly improved. Based on the experimental results, the complete replacement of natural aggregate is advisable to obtain an optimal overall performance.