Elastic modulus is an important mechanical index for the cement-based materials, which has a significant effect on the static and dynamic response of the concrete structure. To investigate the compressive behavior of nano metakaolin cement mortar, the effects of dispersion conditions, water to binder ratios, and mineral admixtures on the compressive strength of nano metakaolin cement mortar were examined. The elastic modulus of nano metakaolin cement mortar under different water to binder ratios and mineral admixtures was obtained. Based on the theory of micromechanics of composite materials, a theoretical model was deduced to calculate elastic modulus of nano metakaolin cement mortar. Based on the experimental results, an influence coefficient was introduced into simplified model to estimate the elastic modulus of nano metakaolin cement mortar. The results demonstrate that the application of ultrasonic dispersion and long-duration dispersion time (no more than 15 min) can effectively improve the compressive strength of nano metakaolin cement mortar. Compressive strength of nano metakaolin cement mortar mixed with ground granulated blast furnace slag, fly ash, and attapulgite clay is 33.38%, 17.65%, and 6.45% higher than that of the ordinary mortar, respectively. Compared with the experimental results, the calculated error of theoretical model is no more than 5%, while the calculated error of the simplified model is no more than 10%.