Construction spoil (CS), a prevalent type of construction and demolition waste, is characterized by high production volumes and substantial stockpiles. It contaminates water, soil, and air, and it can also trigger natural disasters such as landslides and debris flows. With the advent of alkali activation technology, utilizing CS as a precursor for alkali-activated materials (AAMs) or supplementary cementitious materials (SCMs) presents a novel approach for managing this waste. Currently, the low reactivity of CS remains a significant constraint to its high-value-added resource utilization in the field of construction materials. Researchers have attempted various methods to enhance its reactivity, including grinding, calcination, and the addition of fluxing agents. However, there is no consensus on the optimal calcination temperature and alkali concentration, which significantly limits the large-scale application of CS. This study investigates the effects of the calcination temperature and alkali concentration on the mechanical properties of CS–cement mortar specimens and the ion dissolution performance of CS in alkali solutions. Mortar strength tests and ICP ion dissolution tests are conducted to quantitatively assess the reactivity of CS. The results indicate that, compared to uncalcined CS, the ion dissolution performance of calcined CS is significantly enhanced. The dissolution amounts of active aluminum, silicon, and calcium are increased by up to 420.06%, 195.81%, and 256.00%, respectively. The optimal calcination temperature for CS is determined to be 750 °C, and the most suitable alkali concentration is found to be 6 M. Furthermore, since the Al O bond is weaker and more easily broken than the Si O bond, the dissolution amount and release rate of active aluminum components in calcined CS are substantially higher than those of active silicon components. This finding indicates significant limitations in using CS solely as a precursor, emphasizing that an adequate supply of silicon and calcium sources is essential when preparing CS-dominated AAMs.