To explore the application of slag-based polymers, a study was conducted on the physical and mechanical properties of alkali-activated slag-based polymers (AACS) containing silicate cement by partially substituting cement with slag. A comprehensive evaluation of AACS performance was carried out by testing the setting time, compressive/bending strength and shear bond strength, as well as using XRD and SEM microscopic testing methods. The results showed that the AACS material had a fast setting and hardening process. Within a certain range, the compressive strength increased with the increase of cement content and alkali concentration, and the setting time was shortened accordingly. The AACS material had high bending strength and shear bond strength, and even at the 10% cement content level, the bending strength could still be maintained above 8 MPa. According to the SEM experimental results, the micro-morphology of the new and old interface of the AACS material was compact, and the hydration products were fused with the old mortar substrate, exhibiting a good bonding state.