Steel slag is a solid waste produced in crude steel smelting, and a typical management option is stockpiling in slag disposal yards. Over the years, the massive production of steel slags and the continuous use of residue yards have led to vast occupation of land resources and caused severe environmental concerns. Steel slag particles can potentially be used as aggregates in concrete production. However, the volume stability of steel slag is poor, and the direct use of untreated steel slag aggregate (SSA) may cause cracking and spalling of concrete. The present research summarizes, analyzes, and compares the chemical, physical, and mechanical properties of steel slags. The mechanism and treatment methods of volume expansion are introduced, and the advantages, disadvantages, and applicable targets of these methods are discussed. Then, the latest research progress of steel slag aggregate concrete (SSAC) is reviewed. Using SSA leads to an increase in the density of concrete and a decrease in workability, but the mechanical properties and durability of SSAC are superior to natural aggregate concrete (NAC). Finally, future research in this field is proposed to motivate further studies and guide decision-making.