Steel slag, a by-product of steelmaking, imposes lots of negative impacts on the environment. For alleviating negative impacts, more and more experiments have been carried out to explore the application possibility of steel slag. The purpose of this study is to explore the feasibility of steel slag being applied in induction healing asphalt concretes to replace coarse and fine aggregate. Surface texture and pore sizes of steel slag were firstly tested, and then steel slag and basalt asphalt mixtures modified with steel fibers were prepared. Moisture susceptibility, dynamic stability, mechanical property, thermal property, induction heating speed, natural cooling speed and healing property of the asphalt mixtures were evaluated. Results showed that steel slags had more obvious holes in the surface while the surface area is much larger than that of basalt. Furthermore, steel fibers and steel slag both have dynamic stability, and steel fibers contribute to increased moisture resistance while steel slag is not. Steel slag asphalt concrete showed better mechanical property and better capacity to store heating. Steel slag asphalt mixtures had a similar heating speed to basalt asphalt mixtures but a significantly slower cooling rate. Finally, the induction healing test and CT scanning test demonstrated that steel slag asphalt mixtures had a similar healing ability to basalt asphalt mixtures. It can be concluded that steel slags have the potential to replace the natural aggregates to be applied in induction heating self-healing asphalt concretes.