This study developed a novel water glass-modified alkali-activated portland cement (WGSC) anchoring agent, characterized by low cost, rapid setting, early strength, and slight expansion. It is suitable for fully bonded anchor rod anchoring in soft rock tunnels. Using orthogonal experiments and range analysis, the optimal composition of WGSC was determined: silicate cement as the matrix, water-cement ratio of 0.3, 20 % sodium silicate with a modulus of 3.3, 2.5 % early strength agent, and 9 % UEA. The initial/final setting times were 6.72/8.63 minutes, linear expansion rates at 3 days/7 days were 0.32 %/0.54 %, and compressive strengths at 1 hour/24 hours were 16.4/28.2 MPa. Pull-out model tests demonstrated a 47.95–92.85 % increase in 24 h tensile bond strength compared to conventional silicate cement anchoring agents. Corrosion resistance tests indicated WGSC maintained a stable appearance compared to traditional agents. SEM analysis revealed a dense structure and clear network in WGSC, while XRD analysis identified microcomponents mainly as CSH, active silica (SiO2), and CASH, contributing to its dense structure and ideal expansion properties, facilitating superior anchoring and durability. This research elucidates the mechanism of WGSC, confirming its rapid setting, compressive strength, and corrosion resistance advantages, making it economically feasible and advantageous for application and promotion, thereby providing insights for the development of anchoring materials in highly deformed soft rock tunnels.