The transition toward a circular economy requires innovative strategies for valorizing industrial by-products. This study investigates the potential of steelmaking furnace slag (SFS) as a low-cost adsorbent for the removal and recovery of nickel and copper ions from aqueous systems. The slag was characterized using XRF, XRD, SEM, FTIR, and thermal analyses, confirming the presence of reactive phases such as lime, periclase, and calcium silicates. Batch adsorption experiments revealed high sorption capacities (up to 147 mg·g−1) and were best described by the Langmuir isotherm and pseudo-second-order kinetic model, indicating chemisorption as the rate-limiting step. FTIR and SEM analyses demonstrated the formation of nickel and copper hydroxide/oxide phases, confirming surface precipitation mechanisms. Subsequent thermal treatment produced NiO- and CuO-enriched oxide systems with photocatalytic and antibacterial potential, while hydrometallurgical recovery using ammonia solutions achieved desorption efficiencies of 90–97%. The results highlight the dual role of SFS as an efficient sorbent for wastewater pre-treatment and as a secondary source of valuable metals, contributing to sustainable materials management and circular economy goals.