In order to overcome the environmental pollution caused by traditional water-quenching slag treatment and recover a large number of waste heat from blast furnace slag (BFS), the dry granulation process had attracted more and more attention, in which the granulation process was the key. The slag granulation and the crystallization mechanism of the BFS were studied, and the hot experimental results were analysed. The results showed that the viscosity of BFS decreased with increasing basicity, thus was beneficial to the broken of BFS. The higher the basicity, the smaller the crystallization activation energy of BFS, and the bigger the crystal growth index, which was more beneficial to the crystal nucleation and growth of BFS. Reducing the basicity or increasing the cooling rate could be more beneficial to the preparation of amorphous slag beads. The basic slag could obtain the same amorphous results as acidic slag by increasing the gas quenching speed.