This study primarily investigates the effect of fly ash (FA) content on the mechanical properties and hydration performance of alkali-activated ground granulated blast furnace slag cements (AAGC), and compares the related properties with ordinary Portland cement (OPC). Additionally, the study examined the hydration products, thermal analysis, MIP, SEM, chemically bound water, and pH values of AAGC. The compressive strength of AAGC showed a retrogression phenomenon from 3 to 28 days, with the 14-day and 28-day compressive strengths of AAGC being higher than those of OPC. The AAGC with 20% FA content exhibits the highest 28-day compressive strength (75 MPa). The hydration heat release rate curved of OPC and AAGC can be divided into the initial induction period, induction period, acceleration period, deceleration period and steady period. As FA content increases, the 28-day pore volume of AAGC increased while pH values and chemically bound water decrease. SEM images of AAGC with low FA content showed more microcracks.