To understand the influence of fly ash (FA) content on the microstructure and strength of concrete under freeze–thaw cycles (FTCs), four groups of concrete with different FA contents (0–30%) were tested under FTC condition. Mass loss rate, relative dynamic modulus of elasticity (RDME), splitting tensile strength and other damage indicators were selected to describe the impact of macro properties. The micro physical changes, porosity and pore size distribution parameters were obtained through scanning electron microscope (SEM) and nuclear magnetic resonance (NMR) experiments. The influence mechanism of FA content on the frost resistance durability of concrete under FTC was discussed from the macro and micro perspectives. The results show that under the action of FTC, the addition of FA fills the pores, reduces the pore spacing, improves the strength of concrete, and makes the RDEM and splitting tensile strength of concrete increase first and then decrease. Among them, 20% FA concrete has the best frost resistance. The pore structure parameters show that the content of pores smaller than 100 nm has a great impact on the frost resistance durability of FA concrete, and increasing the content of these pores can improve the frost resistance durability of concrete.