The aim of this study was to investigate the effect of different mix ratios on the mechanical properties of steel fiber-reinforced concrete (LSFRC) and to determine an optimum mix ratio. The effects of four factors, namely, fly ash content, volume fraction of steel fibers, water–cement ratio, and sand rate, on the mechanical properties of LSFRC were investigated through orthogonal experiments. The microstructure of LSFRC at different mix ratios was analyzed using scanning electron microscopy (SEM), and an optimal mix ratio was derived. The results showed that the water–cement ratio and the volume fraction of steel fibers were the main factors affecting the mechanical properties of LSFRC. When the water–cement ratio was 0.38 and 0.42, the combined mechanical properties of concrete were superior. Steel fiber content between 0.6% and 1% had a significant effect on the splitting tensile strength of concrete. The effect of sand rate on compressive and splitting tensile strengths was consistent, with a significant effect on both at a sand rate of 40%. In terms of microstructure, 20% fly ash content promotes the hydration of concrete. The optimum LSFRC mix ratio determined was 0.42 water–cement ratio, 0.6% steel fiber content, 40% sand rate, and 20% fly ash content. Experimental verification using this mix ratio showed that the compressive, flexural, and split tensile strengths were increased by 3%, 19%, and 33%, respectively, when compared to ordinary concrete.