The Compromise of 1850 was pretty much a direct result of the Missouri Compromise. The split down the middle of the country mandated by the Missouri Compromise was immediately recognized as a potentially devastating move by anyone with any political foresight whatsoever. Henry Clay and his pals simply thought they'd just patch together another compromise should that prove necessary, which it did in 1850 (of course).

Did this finally address the issue of slavery?

Nope.

In yet another stunning episode of apathy towards the plight of slaves, Clay and co. decided that another "don't rock the boat" approach was just the thing the country needed to see it through this whole slavery mess. This turned out to be an incredibly massive mistake, but thankfully for the main forces behind the compromise, they'd all be dead by the time it came to bite America in the butt.