The invention discloses a system and method for manufacturing a mineral wool board or felt through hot slag. The system comprises a heating and melting conditioning system, a chute system, a centrifugal fiber forming machine, a cotton collecting machine, a pendulum bob machine, a forming conveyor, a weighing conveyor, a pleating machine, a curing oven, a cooling conveyor, a measuring device, a slitting machine, a first conveyor, a transverse cutting machine, a second conveyor and a packager. The method is a technological process implemented through the system. According to the system and method, deep utilization that the metallurgical molten slag is directly manufactured into the mineral wool board or the felt or other products in the subsequent process of hot slag utilization is achieved, sensible heat recovery of the metallurgical hot slag is fully achieved, consumption of mineral resources and environmental pollution are reduced, and the system and method are closer to the target of achieving high value-added utilization and zero release of the metallurgical slag.