In the paper, a new technology was developed to improve the beneficiation of copper and iron components from copper slag, by modifying the molten slag to promote the mineralization of valuable minerals and to induce the growth of mineral grains. Various parameters, including binary basicity, dosage of compound additive, modification temperature, cooling rate and the end point temperature of slow cooling were investigated. Meanwhile, optical microscope, scanning electron microscope and energy dispersive spectrometer (SEM-EDS) was employed to determine the mineralogy of the modified and unmodified slag, as well as to reveal the mechanisms of enhancing beneficiation. The results show that under the proper conditions, the copper grade of rougher copper concentrate was increased from 6.43% to 11.04%, iron recovery of magnetic separation was increased significantly from 32.40% to 63.26%, and other evaluation indexes were changed slightly, in comparison with unmodified copper slag. Moreover, matte and magnetite grains in the modified slag aggregated together and grew obviously to the mean size of over 50 μm, resulting in an improvement of beneficiation of copper and iron.