Cupola slag is a waste material of the steel and iron industries. Its composition is determined by the cupola furnace and other elements used in steel and iron manufacturing. This paper investigates the characterization behavior of various cupola slag materials. As a result, x-ray fluorescence (XRF), x-ray diffraction (XRD), thermogravimetry differential thermal analysis, and scanning electron microscopy (SEM) methods were used to characterize three cupola slag samples from distinct origins. In addition, various physical properties were used to compare different cupola slags. The specific gravity values of CS-1 (cupola slag-1 sample), CS-2 (cupola slag-2 sample), and CS-3 (cupola slag-3 sample) are 1.36, 2.5, and 2.917, respectively. The density and water absorption for CS-1, CS-2, and CS-3 are 1414.86, 1477.71, and 1796 kg/m3, and 0.37%, 0.32%, and 0.26%, respectively. Cupola slag also includes a larger percentage of lime, according to XRF data, which contributes to its improved binding characteristics. A higher calcium oxide content in CS-3 could facilitate the pozzolanic process. The presence of angular particles that aid in material binding is seen in the SEM image. Compounds with a nanostructure are then flawlessly blended into the mixture and grouped with calcium alumina silicates formed by cement hydration. The XRD pattern of cupola slag exhibits high peaks, indicating that the material is crystalline in character and can be utilized as sand. It also shows the presence of other chemical compounds, such as silica, which ranges from 30% to 45%. CS-1 and CS-2 have comparable XRD patterns. However, CS-3 has a somewhat different pattern because of the greater CaO content. Weight loss begins at higher temperatures, which shows that the material is stable at higher temperatures, according to a thermo-gravimetric study. The differential thermal analysis curve of CS-3 indicates that the material remains stable up to a temperature of 600 °C. The physical characteristics of all cupola slag samples show that cupola slag may be utilized to make sustainable building materials because of its lower specific gravity, density, and water absorption.