In this study, the alkali activation potential of a Polish ferronickel slag (PS), for the production of inorganic polymers (IPs), is investigated. The effect of the main synthesis parameters, i.e., strength of the activating solution, consisting of NaOH and Na2SiO3 solutions and affecting (SiO2 + Al2O3)/Na2O and other important molar ratios in the reactive paste, pre-curing period, curing temperature and time and ageing period was investigated. The structural integrity of the produced specimens was tested after their (i) immersion in distilled water and acidic solutions for a period of 7–30 days, and (ii) firing at temperatures between 200 °C and 1000 °C. Several analytical techniques including X-ray diffraction, X-ray fluorescence, Fourier transform infrared spectroscopy, Differential scanning analysis-Thermogravimetry and Scanning Electron Microscopy were used for the characterization of the produced IPs. Results show that under the optimum synthesis conditions the IPs obtain compressive strength that exceeds 65 MPa. An innovative aspect of this study is that after heating at 400 °C, the specimens acquire compressive strength of 115 MPa and this indicates that they can be also used as fire resistant materials. This study highlights the potential of alkali activation for the valorization of a ferronickel slag and the production of IPs that can be used as binders or in several construction applications, thus improving the sustainability of the metallurgical sector.