A basic issue throughout the world is the disposal of waste substances. This study is performed to investigate the feasibility of utilizing water-cooled granulated ferrochrome slag (WCFS), a by-product of the ferrochrome plant as a partial substitution of river bed sand in concrete production and the effect of high temperature on its strength. Tests were conducted to determine the compressive strength and weight loss after exposure up to 1000 °C temperatures. The present work also involves the investigation of the thermal behavior of hydration products in concrete using thermogravimetry analysis (TGA) and differential scanning calorimeter (DSC). The outcomes of DSC and TGA were compared with X-ray diffraction (XRD) analysis. Scanning electron microscope (SEM) analysis was carried out for concrete samples subjected to temperatures of 500–800 °C. The test results obtained from the said analyses of concrete with WCFS were compared with the reference concrete and thereby ample utilization of WCFS for production concrete was substantiated. The outcomes revealed that the inclusion of WCFS up to 30% as a partial substitution of sand reduced the compressive strength by 10% only but its heat resistance performance measured in terms of residual compressive strength and mass is found better than normal concrete. There is reduction in voids and cracks of WCFS concrete in comparison to normal concrete after exposure to high temperature that observed in SEM investigation.