In response to the pressing environmental challenges posed by electrolytic manganese residue (EMR) and red mud (RM), this study proposes an innovative cementitious material technology for the synergistic co-utilization of these industrial wastes. By employing steel slag (SS) as a calcium-rich skeleton, the system effectively immobilizes sulfates from EMR and alkalinity from RM, converting hazardous wastes into value-added construction materials. Through orthogonal experimentation, an optimal mix proportion was established—30% RM, 20% EMR, and 50% SS at a water-to-binder ratio of 0.28—which achieved a 28-day compressive strength of 20.40 MPa, meeting relevant industry standards for auxiliary cementitious materials. Microstructural analysis unveiled a multi-stage alkali-sulfate synergistic activation mechanism: (1) the high alkalinity derived from RM rapidly activates the dissolution of aluminosilicate phases in both SS and EMR; (2) sulfate ions released from EMR promote extensive formation of ettringite (AFt), enhancing early-age structural integrity; and (3) calcium ions from SS facilitate the development of a dense C-S-H gel matrix, which serves as the primary binding phase. More profoundly, this process exemplifies a self-stabilizing waste-to-resource conversion mechanism, whereby harmful constituents (sulfates and free alkalis) are constructively incorporated into stable hydration products. This work not only elucidates a coherent scientific framework for the safe and efficient reclamation of multi-source solid wastes, but also demonstrates a scalable and ecologically viable pathway for million-ton-scale valorization of EMR and RM. Furthermore, it presents feasibility insights for the application of high-dosage steel slag-based material systems, thereby unifying significant environmental and economic advantages.