The recycling of the basic oxygen furnace slag (BOF) and the furnace bottom ash (FBA) as supplementary cementitious materials (SCMs) will contribute to achieving the sustainability requirements of the infrastructure sector. The BOF possesses inherent hydraulic properties due to its high content of glass network-modifying phases (e.g., CaO, MgO, Na2O, and K2O). However, its poor grindability, variability in quality, and purity are factors that may limit its reuse as a SCM. This paper aims to explore the impact of co-grinding BOF with FBA on the chemical, physical, and microscopic properties of the new combinations and their effect on the performance of their designed mortar. Combinations consisting of three ratios of BOF to FBA (3:1, 3:2, and 1:1) were synthesized, and the results of the co-grinding were compared with those equivalents in separate grinding. The findings indicate that co-grinding improved the fineness and synergies of the BOF-FBA particles without significantly altering the crystalline phases or developing new ones compared to the original materials. Combined grinding had a positive effect on the flowability of mortar mixtures and the development of compressive strength at all curing ages. Microstructural analyses revealed denser and more compact microstructures in mortar designed from the co-ground BOF-FBA combinations, along with lower Ca/Si and Si/Al ratios, indicating the positive influence of co-grinding on the growth of hydrates.