The interfacial transition zone (ITZ) has long been considered the weakest region in cement-based materials. In this paper, digital image correlation (DIC) technology was applied to measure the thickness and elastic modulus of the ITZ, and the influence of the water/cement (w/c) ratio on the ITZ is discussed. An axial compression loading test was conducted using specimens prepared with three w/c ratios. Based on the differences in the mechanical properties of each phase, the characteristics of the ITZ were calculated with DIC technology. The ITZ thickness was determined from the abrupt interval observed in the displacement curve, and the elastic modulus was calculated by fitting the slope of the stress–strain curve in the elastic stage. The results showed that DIC technology was feasible for measuring the properties of the ITZ. Specifically, the median ITZ thickness and median elastic modulus were determined to be approximately 65.78–83.19 μm and 1.73–3.92 GPa, respectively, which were in agreement with previous studies. Statistical analysis indicated that the ITZ thickness slightly increased with increasing w/c ratio, while its elastic modulus gradually decreased. When the w/c ratio exceeds a certain threshold, the properties of the ITZ tend to be consistent.