An experimental study on the resistance of concrete containing air-cooled slag (AS) and water-cooled slag (WS) against freeze–thaw cycles was conducted. For comparison, the durability of ASTM Type I ordinary Portland cement (OPC) concrete exposed to the same freeze–thaw environment was examined. To evaluate the durability of concrete exposed to the freeze–thaw environment, an experiment was conducted according to ASTM C 666 procedure A. Furthermore, the relative dynamic modulus of elasticity, surface electrical resistivity, and compressive strength of concrete specimens were measured after exposing them to freeze–thaw cycles for a predetermined period, and the results were compared with those of OPC concrete. The relationship between the freeze and thaw resistances of concrete and the air-void system (spacing factor and specific surface area) was identified. Furthermore, the microstructure of concrete exposed to freeze–thaw cycles was observed using scanning electron microscopy to identify the interfacial transition zone, cracks, and micropores. Experimental results showed that the resistance of blended cement concrete containing WS and AS against freeze–thaw cycles was significantly higher than that of OPC concrete. The concrete in which 10% of OPC was replaced by AS exhibited a similar durability as that of the concrete in which 40% of OPC was replaced only by WS. Therefore, it is expected that blended cement concrete containing WS and AS based on an appropriate mix proportion design will exhibit excellent durability in regions experiencing freezing temperatures.