The preparation of glass–ceramics with red mud and steel slag can not only solve the pollution problem caused by industrial waste slag but also produce economic benefits. It is difficult to analyze the high-temperature melt with the existing test methods, so the simulation experiment with molecular dynamics calculation becomes an important research method. The effects of steel slag content on the microstructure of red mud glass–ceramics were studied by molecular dynamics method. The results show that the binding ability of Si-O, Al-O, and Fe-O decreases with the increase in steel slag content. The number of Si-O-Si bridge oxygen increased gradually, while the number of Al-O-Al, Al-O-Fe, and Fe-O-Fe bridge oxygen decreased significantly. The number of tetrahedrons [SiO₄] increased, the number of tetrahedrons [FeO₄] and [AlO₄] decreased, and the total number of three tetrahedrons decreased. The mean square displacement value of Si⁴⁺ and O²⁻ increases first and then decreases, resulting in the viscosity of the system decreasing first and then increasing. The molecular dynamics method is used to analyze the structure of red mud–steel slag glass–ceramics on the microscopic scale, which can better understand the role of steel slag and has guiding significance for the experiment of this kind of glass–ceramics.