The slag’s chromium leaching is one of the most pressing concerns in Electric Arc Furnace (EAF) carbon and stainless steels production. In recent years, many studies have aimed at understanding which properties (basicity, cooling speed) and phases (spinels, wustite, silicates) determine the Cr leaching, defining different indices (sp-factor, cs-factor) in order to forecast the slag’s behavior compared to the leaching of this toxic metal. The literature suggests that spinel formation is usually a good way to fix Cr and prevent its leaching. However, in some conditions (high basicity, low amount of spinel-forming species) soluble Cr-bearing phases can be formed, i.e., Ca-chromite or unstable spinel. In these conditions, Cr can be leached easily, even if it is bound in a spinel structure. In this paper, the effects of basicity and impurities (Ca, Si) on the instability of Cr-spinel was investigated, with respect to slag mesh. The influence of basicity was also studied on Mg-wustite stability, which might contribute to the leaching of Cr. Different samples of carbon steel slag, suspected of forming unstable spinels, belonging to different steel grade production, were also investigated. Both granulated (4 mm) and milled (<100 μm) slag were analyzed. Scanning Electron Microscopy coupled with Energy Dispersive Spectroscopy (SEM-EDS) analyses were carried out to measure the local chemical composition of Cr-bearing phases. This data was correlated with slag basicity (by X-Ray Fluorescence: XRF), spinel fraction (by X-Ray Diffraction: XRD), and Cr leaching (by Inductively Coupled Plasma Mass Spectrometry: ICP-MS). The main results indicate that the increase of the slag basicity implies an increase of the impurity content (Ca, Si) in the spinel, also over-saturated by Cr. This aspect, coupled with spinel geometrical features, seems to justify the unexpected Cr leaching of some slag samples. Basicity does not influence the chemistry of wustite, thus excluding it as an additional Cr leaching source.