The blast furnace (BF) slag waste heat was recovered by an integrated system stage by stage, which combined a physical and chemical method. The water and coal gasification reactions were used to recover the heat in the system. Based on the first and second law of thermodynamics, the thermodynamic analysis of the system was carried out by the enthalpy–exergy diagram. The results showed that the concept of the “recovery-temperature countercurrent, energy cascade utilization” was realized by this system to recover and use the high-quality BF slag waste heat. In this system, the high-temperature waste heat was recovered by coal gasification and the relatively low-temperature waste heat was used to produce steam. The system’s exergy and thermal recycling efficiency were 52.6% and 75.4%, respectively. The exergy loss of the integrated system was only 620.0 MJ/tslag. Compared with the traditional physical recycling method producing steam, the exergy and thermal efficiencies of the integrated system were improved significantly. Meanwhile, approximately 182.0 m3/tslag syngas was produced by coal gasification. The BF slag waste heat will be used integrally and efficiently by the integrated system. The results provide the theoretical reference for recycling and using the BF slag waste heat.
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