This study aims to understand the genetic basis of key industrial traits in Slash pine (Pinus elliottii Engelm. var. elliottii) to enhance improvement efficiency. Detailed analyses were conducted on inter-family differences, genetic parameters, correlations, and breeding values (BVs) for growth, wood properties, and resin traits of Slash pine planted in Changle Forest Farm of Hangzhou, leading to the identification of elite families. It indicates that growth traits are primarily influenced by environmental effects, while wood properties exhibit a significant impact of genetic effects. The variation in resin traits arises from both genetic and environmental effects. Notably, Beta-pinene exhibits the highest variability and genetic gains among the traits analyzed. The family heritability ranges for growth, wood properties, and resin traits are 0.543−0.794, 0.870−0.885, and 0.285−0.695, respectively. Significant positive correlations are evident between growth and resin traits, while a negative correlation is observed between growth and wood properties. Elite families identified through single-trait and multi-trait combined selection are 8−126 for growth traits, 2−325 and 0−373 for wood properties, and 8−131 for resin traits. The average genetic gains for these elite families are 7.44%, 7.17%, and 8.84%, respectively. These findings provide valuable insights for high-generation breeding of Slash pine and lay a genetic foundation for formulating effective breeding strategies for conifers.