This paper presents a novel low-carbon binder formulated from fly ash (FA), ground granulated blast furnace slag, steel slag, and desulfurization gypsum as a quaternary solid waste-based material. It specifically examines the influence of FA content on the mechanical properties and hydration reactions of the quaternary solid waste-based binder. The mortar test results indicate that the optimal FA content is 10%, which yields a 28-day compressive strength 11.28% higher than that of the control group without FA. The spherical particles of fly ash reduce the overall water demand and provide a "lubricating" effect to the paste due to their continuous gradation, improving the fluidity of the slag-steel slag-gypsum cementitious materials. The micro test results indicate that fly ash has minimal effect on the early hydration products and process of the solid waste-based cementitious materials, but after 7 days, it continuously dissolves silicon-oxygen tetrahedrons or aluminum-oxygen tetrahedrons, consuming Ca2+ and OH- in the system. After 28 days, the amount of ettringite and C-(A)-S-H gel generated increases significantly. The pozzolanic activity of fly ash is mainly stimulated by the Ca(OH)2 from steel slag in the later hydration stage. Additionally, spherical fly ash particles can fill the voids in the hardened paste, reducing the formation of cracks and weak zones, and thereby contributing to a denser overall structure of the hydrated binder. The findings of this paper provide data support for the development of low-carbon cement-free binders using fly ash in conjunction with metallurgical slags, thereby contributing to the low-carbon advancement of the construction materials industry.