To investigate the evolution laws governing the macroscopic properties of ultra-high-performance concrete (UHPC) matrices under further hydration effect, a further hydration test was performed by varying the cement fineness and slag powder content. The influence mechanism of further hydration on strength was analyzed. The results revealed that the bound water content for further hydration and expansion strain for UHPC matrix with medium fineness cement achieved the minimum values, and the compressive strength reached the lowest value after 21 d of further hydration. Both the bound water content for further hydration and expansion strain showed a tendency to increase with increasing slag powder content, and the higher the slag powder content, the earlier was the peak strength achieved. The volume expansion of further hydration products caused the matrix to crack, and further hydration was manifested as damage effect, resulting in a decrease in strength.