Steel slag-based cementitious materials (SSCM) were prepared using solid wastes such as steel slag, desulfurization gypsum and blast furnace slag. The stable iron tailings base material (SIBM) with outstanding mechanical properties was selected for the preparation of SSCM. The mechanical and durability properties of SIBM were tested, and the mechanism of SSCM compensating for shrinkage in SIBM was analyzed and discussed. The results indicated that the 28-day compressive strength of the optimal SSCM formulation was 31.5 MPa. When the SSCM ash content is ≥ 8%, the unconfined compressive strength of SIBM meets the design requirements for second-class highway light traffic, and its dry shrinkage is superior to that of cement stabilized iron tailings base material (CIBM).The formation of a large amount of hydration product of ettringite (AFt) and the improvement of pore structure are important reasons for the reduction of dry shrinkage in SIBM.re structure are important reasons for the reduction of dry shrinkage in SIBM.