In this paper, a permeable steel-slag–bitumen mixture (PSSBM) was first prepared according to the designed mixture ratio. Then, the interaction characteristics between steel slag and bitumen were studied. The chemical interaction between bitumen and steel slag was explored with a Fourier-transform infrared spectrometer (FT-IR). The influence of steel-slag chemistry, mineral composition, and bitumen reaction on phase angle, complex shear modulus (CSM), and rutting factor was explored with dynamic shear rheological (DSR) tests. The PSSBM had better properties, including high permeability, water stability, Marshall stability, high-temperature (HT) stability, and low volume-expansion rate. Bitumen-coated steel slag can prevent heavy-metal ions from leaching. In the infrared spectra of the mixture of a chemical component of steel slag (calcium oxide) and bitumen, a new absorption peak at 3645 cm−1 was ascribed to the SiO–H stretching vibration, indicating that new organic silicon compounds were produced in the chemical reaction between calcium oxide and bitumen. SiO–H had an obvious enhancement effect on the interfacial adhesion and high-temperature rheological property of the mixture. In the mineral components of steel slag, dicalcium and tricalcium silicate reacted with bitumen and generated new substances. Chemical reactions between tricalcium silicate and bitumen were significant and had obvious enhancement effects on interfacial adhesion and high-temperature rheological properties of the mixture. The results of FT-IR and DSR were basically consistent, which revealed the chemical-reaction mechanism between steel-slag microcomponents and bitumen at the interface. SEM results showed that pits and grooves on the surface of the steel-slag aggregate, and the textural characteristics provide a framework-like function, thus strengthening the strength and adhesion of the steel-slag–bitumen aggregate interface.