The present study aims at preparing lightweight slag based geopolymer (LW-SG) and studying its mechanical properties under dynamic and quasi-static loads. Firstly, three LW-SG with different densities were prepared by replacing the slag with expanded perlite (EP). Secondly, the density, wave velocity and pore structure of LW-SG with different EP contents were tested. Thirdly, the mechanical properties under quasi-static and dynamic loads were compared. Finally, the effects of the strain rate and EP content on the mechanical properties and failure modes of LW-SG were discussed. The results showed that with the EP contents increase, the dry density and longitudinal wave velocity gradually decreased, while the porosity increased. In addition, the quasi-static compressive strength and elastic modulus of LW-SG increased with curing ages, but decreased with EP contents increased. The dynamic compressive strength, dynamic increase factor, strain energy density and damaged degree of LW-SG all showed an increasing tendency with the strain rates increase, which exhibits an obvious strain rate dependence. Under the same strain rate, the dynamic compressive strength and strain energy density decreased with the EP contents increase, while the damaged degree increased with the EP contents increase.