Capsule grouting technology (CGT) is a newly proposed technology to control the deformation of soil and underground structure. However, the conventional cement-based grouting slurry, with short setting time and poor fluidity, would not meet requirements for multiple capsule grouting. This study developed a slow-setting cement-based grouting paste (SCGP) based on ordinary Portland cement, bentonite, fly ash, and Etidronic acid as a retarder. The orthogonal test design and multiple linear regression analysis were used to optimize the material composition of SCGP, with the flowability, bleeding rate, initial setting time, and compressive strength as indexes. Moreover, the microstructure properties of the optimal SCGP were investigated. The results show that the influence of water-cement ratio and bentonite content on the fluidity and bleeding rate is more significant than that of other factors. The initial setting time of the paste would be greatly extended to nearly 60 h by adjusting the mixing ratio of retarder and raw materials. Although the retarder inhibits the early hydration reaction of the slurry, resulting in lower 7d strength, it does not affect the 28d compressive strength. Therefore, the optimal formulation of SCGP is recommended to be 1.1 for water-cement ratio, 30% for bentonite, 30% for fly ash, and 0.45% for retarder, which presents excellent performance for CGT.