Steel slag is a major waste product of the steelmaking process. Owing to its chemical composition, it can be reused as a raw material in steel mills and a substitute for aggregates in engineering. In 2016, the Republic of Korea (ROK) introduced the Environmental Assessment of Recycling (EAoR) system for the safe recycling of waste products, which divides recycling methods into either matrix contact or non-matrix contact types; numerous challenges have been raised regarding weaknesses in the matrix contact type. Consequently, the standards for matrix contact recycling of slag (inorganic waste) have become stricter, and the recycling applications have also become more diverse. This study investigates the treatment, recycling, and management of steel slag in the ROK. In 2019, the annual generation of slag in the ROK exceeded 23.03 million tons with a recycling rate of 98.3%, showing a high level of recycling, compared with that of the United States (81.3%), the European Union (87%), Australia (100%), and Japan (98.4%). However, a comparative analysis of overseas slag recycling systems and recycling standards found that the recycling applications and recycling standards of slag in the ROK were somewhat stricter than those in the European Union and the United States. Furthermore, an investigation comparing the applications of recycled slag in different countries showed that the ROK could expand its applications of recycled slag. The limitation of the EAoR system was that the excluding products, environmentally certified from Korean Standards in the EAoR regulations, might be attributing to environmental pollution. The leaching and toxicity tests for recycling application of steelmaking slag were evaluated and showed no significant negative effects. Lastly, there is an urgent need for environmental standards relating to slag that can be recycled as a product, and the recycling and environmental label certification for products should also be amended. In addition, the applications of steelmaking slag were necessary to partially extend according to the hazardous characteristics.