Highly cost-effective shielding composite was prepared by vanadium slag, boron-rich slag and epoxy resin in this paper. WinXCOM program and Co-60\ gamma ray source were used to analyze the gamma ray shielding properties. Gamma ray irradiation for composite was tested with Co-60 gamma ray irradiation field. Simultaneous DSC-TGA, electronic universal testing machine and scanning electron microscopy were used to analyze the material properties of composite. The HVL of all composites are nearly same for Co-60 gamma ray, about 3.90 cm at 1173 keV and 4.15 cm at 1332 keV. Maximum resistance temperature of composites is about 230 degrees C. Bending strength of all composites is nearly same and more than 10 MPa. Composites have good resistance for gamma ray irradiation effect under 93.5 kGy dose gamma ray.