The hydration of high-alkali red mud-based ferroaluminate cement (RCFA) clinker with calcium sulfate needs to be regulated. This study explored the effects of the calcium sulfate type and dosage on the hydration and properties of high-alkali RCFA clinker. The research results show that when 4% gypsum was added, the 3 d compressive strength of cement was 39.1 MPa, and the 28 d compressive strength was 63.2 MPa. The 28 d strength increased by 61.6% compared with the 3 d strength. The properties of cement paste can be adversely affected by excessive anhydrite content. The exothermic hydration of clinker was accelerated by calcium sulfate at the beginning, but the rate declined as the process progressed. Sufficient sulfur supply can enhance the hydration of ye'elimite, thereby increasing the AFt content in the hydration product. The mass loss of the hydration product is mainly caused by the dehydration of ettringite, monosulfoaluminate, and AH3. In addition, the Na element in the RCFA hydration product is mainly present in monosulfoaluminate and unhydrated cement particles.