In this study, five types of steel slags with different free CaO (f-CaO) and MgO contents were used as mineral admixtures to prepare concretes with W/B ratios of 0.5 and 0.35. The concretes were cured for 4years. Compressive strength and permeability to chloride ion were tested to reveal the influence of f-CaO and MgO on concrete soundness over 4years. An accelerated autoclave test was also adopted to investigate the influence of MgO on concrete soundness after 4years. The results show that the primary component that leads to the bad soundness of steel slag is f-CaO. Ca(OH)2 primarily with a bulk structure is produced by the hydration of f-CaO, which is different from the Ca(OH)2 produced by cement hydration. Steel slag with a 4.96% content of CaO presents bad soundness and leads to the soundness-induced failure of concretes at both high and low water-to-binder (W/B) ratios. When the content of f-CaO is within 2.09%, the steel slag presents satisfactory soundness. The results of the autoclave test show that when the content of MgO is within 7.68%, steel slag has no negative influences on the compressive strength of concrete.