Steel slag is a solid byproduct of the steelmaking process, widely generated in the metallurgical industry. Due to its alkaline nature and excellent adhesive properties with asphalt, it represents a potential road construction material with outstanding road performance, making it well-suited for utilization in highway construction. This paper conducts a systematic analysis of the physical and chemical properties of steel slag, specifically South Steel Electric Furnace slag, and compares it with natural basalt and limestone aggregates. The aim is to establish a foundation for the application of steel slag in asphalt mixtures. Building upon this foundation, we carry out proportioning design for AC-13C and SMA-13 steel slag asphalt mixtures, followed by a comprehensive study of their high-temperature stability, low-temperature stability, water stability, and fatigue performance. Our research reveals variations in the chemical composition of different steel slags, with CaO, SiO2, and Fe2O3 being the primary components. The content of harmful elements varies depending on the steelmaking raw materials and additives used. Notably, the optimum asphalt-to-aggregate ratios for AC-13C and SMA-13 significantly surpass the specified requirements. The freeze–thaw splitting strength ratio and residual stability of steel slag AC-13C and SMA-13 asphalt mixtures exceed the specified requirements, with AC-13C demonstrating the highest water stability, boasting a freeze–thaw splitting strength ratio of 94.07%, and a residual stability of 93.8%. In terms of fatigue characteristics, SMA-13 exhibits a longer fatigue life than AC-13C, indicating superior fatigue performance for steel slag SMA-13. Steel slag enhances the abrasion resistance and rutting resistance of asphalt pavement surface layers, fully meeting the performance requirements for high-grade road surface layers.