To promote the resource utilization of steel slag and improve the production process of steel slag in steelmaking plants, this research studied the characteristics of three different processed steel slags from four steelmaking plants. The physical and mechanical characteristics and volume stability of steel slags were analyzed through density, water absorption, and expansion tests. The main mineral phases, morphological characteristics, and thermal stability of the original steel slag and the steel slag after the expansion test are analyzed with X-ray diffractometer (XRD), scanning electron microscope (SEM), and thermogravimetric analysis (TG) tests. The results show that the composition of steel slag produced by different processes is similar. The main active substances of other processed steel slags are dicalcium silicate (C₂S), tricalcium silicate (C₃S), CaO, and MgO. After the expansion test, the main chemical products of steel slag are CaCO₃, MgCO₃, and calcium silicate hydrate (C-S-H). Noticeable mineral crystals appeared on the surface of the steel slag after the expansion test, presenting tetrahedral or cigar-like protrusions. The drum slag had the highest density and water stability. The drum slag had the lowest porosity and the densest microstructure surface, compared with steel slags that other methods produce. The thermal stability of steel slag treated by the hot splashing method was relatively higher than that of steel slag treated by the other two methods.