Converter slag contains free lime (CaO) and unstable iron oxides (FeO, FeOOH) that may lead to expansive self-destruction. A typical industry practice for converter slag has been stabilization by steam curing and autoclaving; however, the stabilization can only reach the surface, and not the inside, of slag particles. A new method is proposed in this study to stabilize the converter slag by heating at a low temperature. After magnetic separation, specimens of converter slag were subjected to heating for 2 h at a temperature of 500 degrees C, resulting in a decrease of free lime content irrespective of the particle size. This effect was attributed to the formation of Ca2Fe9O13 and complicated apatite groups owing to the heating. The iron oxides in the converter slag were analyzed by X-ray photoelectron spectra. It was found that after heating, the unstable FeO (wustite) content decreased and an oxidized alpha-Fe2O3 (hematite) increased. This led to the prevention of the iron-induced expansion. The rate of heat liberation by the free lime in converter slag was smaller than that of the reagent CaO. This suggests that the presumed free lime is in a different form based on the Ca bond energy in the surface of slag particles.