To promote the resource utilization of high-titanium blast furnace slag (HTBFS) and advance the development of lightweight prefabricated structures, this study developed a lightweight HTBFS concrete composite beam (HTC composite beam) by replacing natural gravel and sand in concrete with HTBFS coarse and fine aggregates, and incorporating fly ash ceramsite to reduce self-weight. Symmetrically two-point bending tests were conducted on five HTC composite beams with different reinforcement ratios and precast heights, one Integrally cast HTC beam, and one ordinary concrete composite beam. The failure modes, load-carrying capacities, and deformation characteristics were evaluated. The loading process was also simulated using Abaqus, and the numerical results were compared with experimental data for validation. The results indicate that HTC composite beams satisfy the plane-section assumption; increasing the reinforcement ratio improves the load-carrying capacity, and the precast height has positive effect of HTC composite beams’ load-carrying. Compared with the ordinary concrete composite beam, the HTC composite beam exhibited a 12.30% higher load-carrying capacity, smaller deflection, and better deformation capacity. Multiple energy-based indices demonstrated that HTC composite beams possess favorable post-cracking plastic deformation capacity and stiffness retention. The difference between the finite element simulations and experimental results was less than 5%, confirming both the reliability of the numerical model and the accuracy of the experimental data. An economic analysis revealed that this structural system has significant potential for carbon reduction and cost savings, with an overall saving of approximately 141,000–500,000 CNY. These findings provide theoretical and engineering support for the application of HTC composite beams in prefabricated construction and have positive implications for reducing project costs and promoting the industrialization and low-carbon development of prefabricated buildings.