The invention discloses a system and a method for converting steel slag into renewable resources. The system comprises a steel slag powdering system, a steel slag separating system and a tail slag deep processing system, wherein the steel slag powdering system comprises desulphurization slag equipment, converter slag equipment, casting residue equipment and granulation self-extracting equipment which is communicated with the desulphurization slag equipment, the converter slag equipment and the casting residue equipment respectively; the steel slag separating system is connected with the granulation self-extracting equipment and comprises overturn vibration equipment, a magnetic separator, a crushing machine, a rod mill, screening / magnetic separation equipment and material storage equipment, wherein the overturn vibration equipment, the magnetic separator, the crushing machine, the rod mill, and the screening / magnetic separation equipment are led to the material storage equipment; the tail slag deep processing system is connected with a fine tail slag device and comprises a drying mechanism, a coarse grinding mechanism, a fine grinding mechanism, a first winnowing mechanism, a second winnowing mechanism, a first magnetic separation mechanism, a second magnetic separation mechanism and a steel slag fine powder groove. By the combination of the structures of the system, the design construction of the system for converting the steel slag into the renewable resources, which is clean and environment-friendly and reduces occupation space, is realized.