Stainless-steel slag and red mud are bulk metallurgical wastes, which are difficult to reuse due to the complex composition and high environmental risk. To realize their harmless and resource utilization, a collaborative treatment of the stainless-steel slag (AOD slag) and red mud at high temperature was proposed in this study. The influence of the stainless-steel slag to red mud ratio on spinel phase precipitation and crystallization, Cr enrichment and immobilization in the mixed slags were systematically investigated. The results demonstrated that when the stainless-steel slag to red mud ratio was 6:4, the enrichment degree of Cr in spinel phase was 94.12 wt%, and the precipitation amount of spinel reached the highest, 20.98 wt%. In this case, only small amounts of other mineral phases existed, the crystal particle size of spinel phase was larger, and the self-wrapped spinel phases were formed in the stage of cooling. The outer Cr-poor spinel could avoid the abrasion and erosion of the inner Cr-rich spinel in the subsequent physical separation process, thus reducing the risk of Cr6+ dissolution. In the toxic leaching test, the total Cr concentration leached from the mixed slag (stainless-steel slag to red mud ratio was 6:4) was far lower than the national leaching concentration limit of Cr-related ions. The Cr and Fe-rich spinel phases separated from the mixed slag of stainless-steel slag and red mud can be used as the raw material for the production of stainless steel, while the residual Cr-poor slag rich in Ca, Si and Al can be applied in the field of construction.