As the amount of slag generated annually increases, attempts to recycle slag as high value products are underway in order to develop an efficient resource recycling industry based on slag and derive economic benefits as well. However, the application of electric arc furnace (EOS) slag as construction material is practically limited because of the unstable substances included in it, such as free CaO.(EOS contains a small amount of free CaO, but several limitations still exist. Slag is stored for more than 3 months depending on the quantity of slag, which leads to additional economic loss. In this study, the amount of free CaO present in EOS is quantitatively evaluated to examine its qualities as a potential construction material and verify its application as concrete material. The quantitative analysis of free CaO present in EOS is performed using ethylene glycol. The free CaO contents of EOS samples were found to be below 0.5%. This satisfies the criteria specified in KS F 4571, which states that the CaO content should be below 40% and CaO/SiO2 ratio should be below 2.0. In addition, it was confirmed that free CaO content difference appears to be dependent on the aging period and storage position.