This study primarily investigates the effect of fly ash (FA) content on the mechanical properties and hydration performance of alkali-activated ground granulated blast furnace slag cement (AAGC) and compares the related properties with ordinary Portland cement (OPC). Additionally, we examined the hydration products; performed thermal analysis, MIP, and SEM; and determined chemically bound water and pH values of AAGC. The compressive strength of AAGC showed a retrogression phenomenon from 3 to 28 days, with the 14-day and 28-day compressive strengths of AAGC being higher than those of OPC. The AAGC with 20% FA content exhibited the highest 28-day compressive strength (75 MPa). The hydration heat release rate curve of OPC and AAGC was divided into the initial induction period, induction period, acceleration period, deceleration period, and steady period. As FA content increased, the 28-day pore volume of AAGC increased, while pH values and chemically bound water decreased. SEM images of AAGC with low FA content showed more microcracks.