This study investigated the applicability of industrial by-products such as steel slag (SS) and autoclaved aerated concrete (AAC) grains (<0.105, 0.105–2, 2–4.75 mm) as low-cost adsorbents for simultaneous removal of Cd2+ and Pb2+ in wastewater. A series of batch adsorption experiments was carried out in single and binary-metal solutions of Cd2+ and Pb2+ by changing the mixing proportions of SS and AAC grains. In addition, the effect of the liquid-to-solid ratio (L/S) on the removal of Cd2+ and Pb2+ in multi-metal solution was examined. Results showed that SS grains had a high affinity with Cd2+ in the single solution, while AAC grains had an affinity with Pb2+. In the binary solution, the mixtures of SS and AAC grains removed both Cd2+ and Pb2+ well; especially, the tested adsorbents of SS+AAC [1:1] and SS+AAC [1:4] mixtures achieved approximately 100% removal of both metals. Based on the results in the multi-metal solutions, the metal removal % and selectivity sequence varied depending on the mixed proportions of SS and AAC grains and L/S values. It was found that the SS+AAC [1:1] mixture of SS and AAC grains showed 100% removals of Cd2+, Pb2+, Cu2+, Ni2+, and Zn2+ simultaneously at L/S = 10 and 60.