Abstract In this study, the effects of fly ash (FA) on the setting time, compressive strength, and hydration evolution of calcium sulphoaluminate (CSA) cement-based materials with high water content were investigated, targeting the design of a modified high-water material to delay excessively rapid setting time and enhance later-age strength. This was investigated using a combination of X-ray diffraction (XRD), Fourier transform infrared resonance (FTIR) spectroscopy, and Thermogravimetric Analysis (TGA). The results showed that the setting time of the high-water materials was delayed by increasing the FA content, with 15% being the optimal dosage for the setting time. A 5–10% content of FA is conducive to the development of later-age compressive strength and has a slight adverse effect on the early-age compressive strength of high-water materials. The microscopic test results show that FA mainly acts as a microaggregate in the early-age hydration process, whereas in the later-age hydration process, it promotes gypsum consumption and C2S hydration to form ettringite. The incorporation of FA effectively promotes ettringite formation in CSA cement-based materials with high water content. Therefore, the addition of FA can enhance the overall performance of high-water materials to a certain extent, and the long-term strength development of the material can satisfy engineering requirements.