The purpose of this study was to fully explore the mechanical properties of five different doses of an Argon–Oxygen Decarburization slag mixture in an unconfined compressive strength test. The peak stress, elastic modulus, and stress–strain curve of the mixture were studied for 90 days. Based on the experimental data and according to the theory of damage mechanics, the concept of damage threshold (t) was introduced to construct a damage constitutive model. Referring to the damage threshold of concrete, that of the mixture was determined to be 0.7 times higher than the peak strain, and the correlation coefficient between the established model and the test curve was above 0.85. These results indicate that the addition of AOD slag and fly ash can cause hydration reactions, increase the quantity of hydration products, and enhance the peak stress and elastic modulus of the mixture. The maximum increases were 94.9% and 43.1%, respectively. Parameters a and b reflect the peak stress and brittleness of the mixture, respectively. The incorporation of Argon–Oxygen Decarburization slag can make the mixture less brittle and improve its properties. The incorporation of Argon–Oxygen Decarburization slag can protect the mixture from damage. The maximum decrease is 40.2%.