According to a series of experimental studies such as the content of the f-CaO, the relative grindability index of the gas quenching steel slag, the properties of gas quenching steel slag cement and a detailed analysis of the potential economic benefits of steel slag cement. It was found that it has a huge economic benefits in preparing the cement with gas quenching steel slag.The results showed that the content of f-CaO in slag particles less than 2mm were no more than 2.7% and there exists a well proportional relation between it and the grain size; the grindability of gas quenching steel slag is much better than heat-stew steel slag; what's more,because of the high hydration activity of gas quenching steel slag, it can be produced the perfect steel slag cement with excellent hydration, stability and strength.