Steel slag is a typical solid waste from the metallurgical industry. Its use in cement-based materials is severely limited because free oxides cause poor volume stability. Carbonation technology is applied to react CO2 with reactive components in steel slag. Stable minerals such as calcite are formed. The volume stability of steel slag is therefore significantly improved, and CO2 is mineralized and stored. The carbonation mechanism was analyzed from the perspective of producing steel-slag-based construction materials by carbonation treatment. The effects and applications of carbonation treatment on drying shrinkage, frost resistance, and chloride ion penetration resistance, and sulfate attack resistance of steel-slag-based construction materials were systematically summarized. Finally, based on the current state of research, existing problems were identified and improvement strategies were proposed. The rational utilization of steel slag as a secondary resource is thereby promoted, and the dual-carbon goals of the construction materials industry are supported.