Gasification slag is the solid waste produced in the coal gasification process, and its treatment and disposal problems are becoming more and more serious. In this study, the gasification slag produced in a chemical base in northern China and its residual carbon obtained by gravity separation of water medium were taken as the research objects, and their physicochemical properties were analyzed comprehensively. The residual carbon products, ash-rich products and high-ash products were obtained from the gasification slag after gravity separation. Under the optimal structure, the ignition loss of residual carbon products was reduced from 79.80% to 16.84%, and the yield was 11.64%. The high content of amorphous carbon and developed pores in the residual carbon provide the possibility of manufacturing high value-added materials. Raman spectrum showed that the residual carbon had lower aromaticity, higher content of small and medium aromatic ring structures, lower structural stability and easier combustion. Thermogravimetric combustion kinetics showed that the average combustion rate of residual carbon was 0.325(dm/dt)mean/%•min−1, the comprehensive combustion characteristic index was 1.41•10−9%2•min−2•°C−3. It has excellent performance and can be used as a raw material for mixed combustion in a circulating fluidized bed. The analysis of physical and chemical properties of residual carbon is of great significance for follow-up exploration of the resource utilization and high-value utilization of the residual carbon