Steel slag micronized powder, granulated blast furnace slag, and cement were used as cementitious materials to prepare a foamed lightweight soil for roadbed filling to reduce the settlement and additional stress of the foundation and to solve the environmental problems caused by the storage of large amounts of steel slag. However, the instability of steel slag and the multi-angular nature of its surface limit the resource utilization of steel slag. Currently, concrete technology is unable to achieve a large amount of steel slag. Therefore, it is necessary to deeply explore the influence of steel slag content and the specific surface area of steel slag on the working performance, compressive strength, durability, and micro-mechanism of foam light soil. Through the modification of steel slag and the improvement of the production process, the preparation of foam light soil with a large amount of steel slag can be realized. In this study, the foamed lightweight soil with 1.0 Mpa was prepared by cementitious materials composed of 40% cement and 60% multi-mixture of steel slag micronized powder and granulated blast furnace slag. The study of SEM images and BET demonstrated that the larger specific surface area of steel slag powder was more conducive to improving the durability of the foamed lightweight soil. Meanwhile, XRD analyses confirmed that the reactions of f-CaO and f-MgO in steel slag were slowly released in the porous foamed lightweight soil system, which compensated for the shrinkage properties of porous materials. When the SSMP content was 0%, the shrinkage rate was 2.34 × 10−3, while when the SSMP content was 60%, the shrinkage rate was only 0.54 × 10−3. Furthermore, our study of the hydration process of samples indicated that the strong alkalinity of steel slag micronized powder hydration was helpful to stimulate the potential activity of the slag powder, which was beneficial to the improvement of the compressive strength of foamed lightweight soil. Thus, this study provides a valuable idea for reducing the settlement and additional stress of the original foundation and for solving the environmental problems caused by a large amount of steel slag storage.