Steel slag is a waste discharged from the iron and steel smelting process, which has the characteristics of large output, high temperature, complex chemical composition and poor stability. The application of steel slag in hydrogen production and CO2 fixation is of great significance for reducing energy consumption, obtaining renewable energy and fixing CO2 in the air. In this paper, the research progress of high‐temperature sensible heat of steel slag used for hydrogen production and CO2 fixation at medium and low temperature is introduced, the reaction mechanism of different hydrogen production methods and the treatment path and direction of high‐efficiency hydrogen production in the future are deeply analyzed, and the steel slag used for CO2 fixation is discussed and summarized from the theory, effect and treatment mode of CO2 fixation. In the future, the research on the economic benefits of hydrogen production and CO2 fixation from steel slag is a major focus, which can achieve economic benefits while utilizing steel slag resources.