The hydration degree of fly ash and the calcium hydroxide (CH) content were measured. Combined with the equilibrium calculation of cement hydration, a new method for assessment of the hydration degree of cement in the fly ash-cement (FC) pastes based on the CH content was developed. The results reveal that as the fly ash content increase, the hydration degree of fly ash and the CH content decrease gradually; at the same time, the hydration degree of cement increase. The hydration degree of cement in the FC pastes containing a high content of fly ash (more than 35%) at 360 days is as high as 80%, even some of which hydrates nearly completely. The effect of water-cement ratio to the hydration degree of cement in the FC pastes is far less distinct than that of the content of fly ash.