The alkali-activated blast furnace slag is attracting significant attention in replacing Portland cement due to several characteristics similar to cement hydration. However, there are a few practical problems with commercial alkali activators, such as the fast setting time, relatively high costs, and significant CO2 emissions during preparation. Thus, discovering industrial residues possessing inherent alkalinity are urgent. This study proposes the use of carbide slag at levels of 0%, 5%, 10%, 15%, 20%, and 30% and alkali at levels of 1%, 2%, 3%, 4%, 5%, 6%, 8%, and 10% activated blast furnace slag. The compressive strength and microstructure of carbide slag and alkali-activated blast furnace slag (CAB) pastes were examined using X-ray diffraction analysis (XRD), Differential Scanning Calorimetry/Thermogravimetric Analysis (DSC/TG), Fourier transform infrared spectroscopy (FTIR) and Scanning electron microscopy (SEM). The results revealed that the addition of carbide slag produced more hydrotalcite-like phase as well as decreased the content of ettringite (AFt) and the calcium–silicate–hydrate (C-S-H) gel, which decreased the compressive strength of the CAB pastes. At the age of 28 days, when the dosage was 5%, 10%, 15%, 20%, and 30%, the compressive strength of CAB mixes decreased by 2.1%, 7.1%, 9.2%, 9.8%, and 28.1%, respectively. The addition of NaOH promoted the formation of AFt, and there was an optimum level of NaOH corresponding to the high compressive strength of paste. At the age of 3 days and 7 days, the compressive strength reached its maximum at the dosage of 6% NaOH, which was 24.8 MPa and 36.3 MPa, respectively. However, at the ages of 14 days and 28 days, the compressive strength increased as the dosage of NaOH increased to 5%, which was 43.3 MPa and 44.5 MPa, respectively. The water curing could both enhance the early and later strength, the compressive strength of 23.3 MPa was gained at 3 days, and this increased by 16.3%, 24.0% and 36.9% at 7 days, 14 days and 28 days, respectively. Therefore, water curing was suitable for the strength development of CAB pastes.