To reduce the use of aggregates such as limestone and basalt, this paper used steel slag to replace some of the limestone aggregates in the production of SMA-13 asphalt mixes. The optimum content of steel slag in the SMA-13 asphalt mixes was investigated, and the performance of these mixes was evaluated. Five SMA-13 asphalt mixes with varying steel slag content (0%, 25%, 50%, 75%, and 100%) were designed and prepared experimentally. The high-temperature stability, low-temperature crack resistance, water stability, dynamic modulus, shear resistance, and volumetric stability of the mixes were investigated using the wheel tracking, Hamburg wheel tracking, three-point bending, freeze–thaw splitting, dynamic modulus, uniaxial penetration, and asphalt mix expansion tests. The results showed that compared to normal SMA-13 asphalt mixes, the high-temperature stability, water stability, and shear resistance of the SMA-13 asphalt mixes increased and then decreased as the steel slag content increased. All three performance indicators peaked at 75% steel slag content, and the dynamic stability, freeze–thaw splitting ratio, and uniaxial penetration strength increased by 90.48%, 7.39%, and 88.08%, respectively; however, the maximum bending tensile strain, which represents the low-temperature crack resistance of the asphalt mix, decreased by 5.98%. The dynamic modulus of the SMA-13 asphalt mixes increased with increasing steel slag content, but the volume expansion at a 75% steel slag content was 0.446% higher than at a 0% steel slag content. Based on the experimental results, the optimum content of steel slag for SMA-13 asphalt mixes was determined to be 75%.