Steel slag and GBFS are wastes generated during the steel and iron smelting process, characterized by their considerable production rates and extensive storage capacities. After grinding, they are often used as supplementary cementitious materials. However, the intrinsic slow hydration kinetics of steel slag–GBFS cementitious material (SGM) when exposed to a pure water environment result in prolonged setting times and diminished early-age strength development. The incorporation of modifiers such as gypsum, clinker, or alkaline activators can effectively improve the various properties of SGM. This comprehensive review delves into existing research on the utilization of SGM, examining their hydration mechanisms, workability, setting time, mechanical strengths, durability, and shrinkage. Critical parameters including the performance of base materials (water-to-cement ratio, fineness, and composition) and modifiers (type, alkali content, and dosage) are scrutinized to understand their effects on the final properties of the cementitious materials. The improvement mechanisms of various modifiers on properties are discussed. This promotes resource utilization of industrial solid wastes and provides theoretical support for the engineering application of SGM.