ABSTRACT Given the transient nature of impact loading, exploring the microscopic damage characteristics and damage mechanisms of materials through indoor tests is difficult. In this study, the damage morphology and energy dissipation characteristics of lime slag–stabilised steel slag (LSSS) mixes under vertical impact loading is explored using ABAQUS software, a finite element model of LSSS for falling hammer impact test is established, the validity of finite element calculation is verified by comparing the results of indoor tests, and the strain characteristics, deflection changes, and energy transformation process of LSSS under vertical impact loading are analysed. Results show that the LSSS tensile and compressive strains under impact loading are roughly divided into low strain rate, precracking, and cracking phases with a rapid increase in strain. Under the same impact energy conditions, the LSSS bottom tensile strain, span deflection, drop hammer kinetic energy conversion time, and LSSS plastic energy consumption curve rising slope are sensitive to drop hammer mass. Thus, improvement in drop hammer mass will prolong the impact loading of the drop hammer–LSSS system internal energy conversion time, and the LSSS strain peak range to the central concentration, enhancing span deflection and bottom deformation.