This study aims to optimize the modification of blast furnace slag and converter slag using dust removal ash as a reducing agent, with the dual goals of enriching cementitious materials and recovering iron resources. The results show that the pulverization effect of the modified slag is optimized when the dust removal ash addition ratio is 14 wt%, the reduction temperature is 1450 °C, and the reduction time is 30 min. Under these conditions, the pulverization and iron recovery rates reached 65.23 % and 60.85 %, respectively. The composition of the reduction-modified product is influenced by the particle size of the reduction product, which in turn affects its phase composition. The main phases of small particles (particle size < 0.150 mm) identified were magnesium rose pyroxene (Ca3Mg(SiO4)2, C3MS2) and dicalcium silicate (γ-Ca2SiO4, γ-C2S). The main phases of large particles (particle size > 0.150 mm) identified were dicalcium silicate (β-Ca2SiO4, β-C2S) and Ca2Fe2O5. Iron primarily exists in the form of an alloy and cementite, while P is dispersed in the iron beads in the form of Fe3P, Fe2P, and Mn2P in a striped configuration.