This paper aims to study the application feasibility of steel slag powder (SSP) in replacing limestone powder (LP) to enhance the heat release and self-healing properties of asphalt and an asphalt mixture. First, the microwave-heating characteristics of SSP and LP asphalt mortar were analyzed, and the differences in the microstructure and chemical composition between SSP and LP were compared. Secondly, through the DSR frequency sweep test, the optimal healing temperature of the two asphalt mortars was determined. Finally, asphalt mixtures with different SSP contents were prepared by replacing part of LP in the mixture in a gradation with SSP. Under microwave radiation, the temperature distribution of the mixture was explored, and the self-healing properties and factors affecting the healing were analyzed. Results demonstrated that there are metal oxides with high electromagnetic parameters such as Fe2O3and CaO in SSP, therefore, asphalt and a mixture containing SSP were seen to have excellent microwave absorption capacity. The healing temperature of the two kinds of asphalt mortar was between ~50 °C and 60 °C. Under microwave radiation, the temperature of the asphalt mixture increased with the increase in SSP content, and the temperature difference decreased with the increase in SSP content. Asphalt mixtures with an LP content of 30%, 40%, 50%, 60%, and 70% replaced by SSP increased the healing index by 8.7%, 17.3%, 22.1%, 26.9%, and 27.7% compared with conventional asphalt mixtures. Temperature is the most important factor affecting the healing behavior of the asphalt mixture. With the increase in the damage times of the asphalt mixture, the overall healing index of the asphalt mixture showed a downward trend. However, the healing index of an asphalt mixture containing SSP can still be maintained at more than 50% after repeated mechanical damage.