Pollution characteristics and ecological risks for metals in non-magnetic and magnetic road dust from steel industrial areas were investigated by applying a magnetic separation method. Metal (except for Al, Li, Ti, As, and Sb) concentrations in the magnetic road dust were 1.2 (Sn) to 7.8 (Fe) times higher than those in the non-magnetic road dust. For the magnetic road dust, the geo-accumulation index revealed a strongly to extremely polluted status for Cr, Zn, Cd, and Sb, a strongly polluted status for Mn, Cu, and Pb, and a moderately to strongly polluted status for Fe, Ni, Mo, and Hg. This result indicates that the dominant metal pollution sources of road dust in industrial areas were the traffic activities of heavy-duty vehicles. The mean content of magnetic particles accounted for 44.7% of the total road dust. The metal loadings in the magnetic road dust were 86% (Fe), 77% (Cr), 67% (Mn), 86% (Ni), 76% (Cu), 72% (Zn), 64% (Mo), and 62% (Cd), respectively. Removal of the magnetic fraction from road dust using magnetic separation techniques not only reduces metal contamination but can also improve effective road cleaning strategies or reduce waste generation.