CO2 mineral sequestration is a promising method for abating global warming. Mineral carbonation with titanium-bearing blast furnace slag (TBFS) can offer a sustainable option for simultaneous CO2 emission reduction and comprehensive utilization of solid waste. In this study, a novel process combining CO2 mineral sequestration and rutile beneficiation was proposed by using TBFS and copperas as feedstocks. TBFS and copperas were roasted at 550–750 °C to convert the calcium and magnesium into the corresponding sulfates, while titanium in the TBFS was beneficiated to rutile. The roasted slag was then subjected to carbonation followed by recovery of rutile and hematite through flotation and magnetic separation, respectively. The effects of process parameters were studied systematically. It was found that addition of Na2SO4 significantly enhanced the conversion efficiency of Ti (from 53% to 98%). The mechanism revealed that the addition of Na2SO4 promoted the formation of molten Na3Fe(SO4)3, and gas-liquid-solid reactions proceeded much faster and efficiently. The carbonation of sulfated TBFS results indicated that the optimal CO2 storage capacity can reach 187 kg t−1 TBFS. In this process, two solid wastes were utilized for CO2 mineralization, realizing the multiple benefits of CO2 emission reduction, solid waste disposal as well as valuable byproducts recovery.