By adding small amount of dihydrate gypsum (CaSO4·2H2O) and silica fume in steel slag-cement system, steel slag-cement binding materials were prepared. And the dosage of CaSO4·2H2O and silica fume on the properties of steel slag-cement binding materials was studied. Hydration properties and paste structure were investigated by SEM and XRD. The results show that both CaSO4·2H2O and silica fume can improve the strength of steel slag-cement binding materials. Compared with single-doped, compound of CaSO4·2H2O and silica fume has much better effect on strength of steel slag-cement binding materials. The optimum proportion of CaSO4·2H2O and silica fume are 1% and 4%, respectively. The 3 d compressive strength is increased by 59.0%, and the 28 d compressive strength is increased by 36.5%. No matter adding CaSO4·2H2O and silica fume or not, the steel slag-cement binding materials have the same hydration products. However, the content of C-S-H gel and AFt crystals is higher, and the content of Ca(OH)2 crystals is lower in steel slag-cement binding materials containing CaSO4·2H2O and silica fume than those in steel slag-cement binding materials without CaSO4·2H2O and silica fume.