The recycled aggregate for construction, slag, coal ash and such may elute leachates by chemical reaction when in touch with water, and to confirm this, generally the waste process test is executed. If the test result criteria are met, it can be used as replacement aggregate. In case of steel slag, however, the chemical reaction does not end in a short term, but occurs over a long time, generating eluted leachate. Thus, in this study, the leachate from steel slag were analyzed for heavy metal, and the pH change and environmental characteristics of eluted leachate were analyzed. According to the experiment result, the chemical reaction of free CaO and water within the steel slag occurred more actively when stirred, and the smaller the grain size, the higher the pH was. As the result of waste process test, all test items for the two types of specimen were found to have no heavy metal, but from the ICP test analysis result, heavy metals such as Al, Pb, Zn, Fe were detected. It could be confirmed that chemical reaction would occur upon contact of steel slag and water, and heavy metal may be detected depending on experiment conditions and analysis methods, the long-term environmental characteristics should be examined for utilization of steel slag.