The deterioration processes of aeolian sand powder concrete under freeze–thaw and dry–wet conditions have been studied. The pore characteristics, hydration products, and micro-morphology were analyzed by nuclear magnetic resonance, x-ray diffraction, and field emission scanning electron microscopy. The results showed that the relative dynamic elastic modulus and corrosion resistance coefficient for the compressive strength of the aeolian sand powder concrete were 3.0% and 12.9% higher than ordinary concrete, respectively. Furthermore, the relative dynamic elastic modulus under the freeze–thaw plus dry–wet conditions was 2.2 times lower than that under the dry–wet plus freeze–thaw actions. The ratio of harmful pores and permeability were 7.8% and 3.7 times higher, respectively, and the irreducible fluid saturation was 13.64% lower than that of the latter. The deterioration under the freeze–thaw plus dry–wet conditions was significantly higher than that under the dry–wet plus freeze–thaw conditions, and higher than that under the single factor conditions.