The physical and chemical characteristics of fly ash has changed significantly under ultra-low emission system and the current leaching system is no longer suitable for high alkalinity fly ash. This work investigated the pH values and evolution of physical and chemical characteristics of fly ash from 24 typical municipal solid waste incineration plants in China. The pH value of the leaching solution obtained by HJ/T 300–2007 presented two different acid and alkali characteristics, where high and low alkalinity fly ash accounted for 54.17% and 45.83%, respectively. The alkali content in fly ash increased significantly after ultra-low emission standard, increasing by 18.24% compared with before the implementation of GB 18485-2014. The leaching behavior of high alkalinity fly ash showed the illusion that they could enter the landfill only by the addition of a small amount of chelating agent or even without stabilization treatment, and its long-term landfill risk is significant. The phase change of high alkalinity fly ash and pH value change of the leaching solution after carbonation were the key factors for the leaching concentration change of heavy metals. Therefore, it is recommended to improve the existing leaching system or conduct accelerated carbonization experiments to scientifically evaluate the long-term leaching characteristics of high alkalinity fly ash, and to reduce the risk of heavy metal release from high alkalinity FA after entering the landfill site.