As one of the raw materials of basic magnesium sulfate cement (BMSC), the activity of light-burned magnesium oxide (MgO) has an important effect on the hydration rate, hydration products, and mechanical properties of BMSC. To reveal the influence of packaging method, storage environment, and storage time on the activity of MgO and the mechanical properties of BMSC, an experiment was conducted by using ordinary woven bags, peritoneal woven bags, and plastic and paper compound bags to store the finished BMSC and the raw materials (light-burned MgO, MgSO4·7H2O, fly ash, and a chemical additive) under the conditions of natural environment, sealed environment, and wet environment, respectively. Comparative analysis of the effects of packaging method, storage conditions, and storage time on the activity of MgO and the mechanical properties of BMSC was performed through the mechanical strength test of mortar specimens. The results showed that in a sealed environment, the loss of a-MgO content in light-burned MgO was minimized, which was more conducive to keeping the mechanical properties of BMSC stable. In the wet environment, the mechanical strength of BMSC was significantly reduced in the early stage (1 day) due to the significant reduction in the activity of MgO, and the mechanical strength of the finished BMSC and prepared BMSC after 120 days of storage was still lost, regardless of the packaging method. However, the storage environment and packaging method had relatively little effect on the late mechanical strength (28 days) of BMSC. It is advisable to use ordinary woven bags for packaging in natural and sealed environments as this is more economical for engineering applications. Plastic and paper compound bags are superior to ordinary woven bags and peritoneal woven bags in wet environments.