In order to study the effect of runoff and sediment yield on waste and slag formed from railway construction in Jiaodong Peninsula region, the artificial simulated rainfall experiments were conducted. According to the characteristics of rainfall and waste soil and slag in the study area, three different rainfall intensities with 20 mm/h, 40 mm/h, 60 mm/h and three slope gradients with 20°, 30°, 40° were designed. The results showed that both rainfall intensity and slope gradient affected initial runoff time, runoff, sediment yield, erosion amount and so on. (1) The initial runoff time decreased by 11~20 s with rainfall intensity increasing from 20 mm/h to 60 mm/h and shortened 17~22 s with the slope changing from 20° to 40°, respectively. (2) The runoff and sediment yield increased sharply to the peak during the early period of rainfall, and then the runoff gradually stabilized and the sediment yield decreased with the fluctuation and finally gradually stabilized. (3) Under the same slope gradient, the runoff in rainfall intensity with 40 mm/h increased 37.3%~122.6% compared with 20 mm/h and sediment yield was 1.5~19.5 times of that in 20 mm/h. However, the runoff in the rainfall intensity with 60 mm/h just increased 19.1%~26.7% compared with 40 mm/h, and the sediment yield was only accounting for 62.5%~151.8% of that in 40 mm/h. (4) Under the same rainfall intensity, the effect of slope gradient on runoff and sediment yield had a critical slope between 30° and 40°, and the runoff and sediment yield increased first and then decreased with the increase of slope. (5) When the slope gradient was 30°, the contribution of slope gradient to soil erosion was greater than the rainfall intensity, while the contribution of rainfall intensity obviously exceeded the slope gradient at 40°. The results can provide technical support for the soil and water loss monitoring and control during the construction process of the railway project in Jiaodong Peninsula region.