Based on the thermal activation method, utilizing fine particles of waste concrete to prepare low-carbon recycled cement (RC) is currently one of the research hotspots. Based on existing literature research results, this paper identifies four calcination temperature conditions (120, 450, 750, 1000 ℃) and uses replacement rates of 10 %, 30 %, 50 %, 70 %, and 100 % of RC to replace ordinary Portland cement (OPC).The main physical properties, hydration characteristics, mechanical properties, and microstructure of RC are studied. The study elucidated the influence of RC thermal activation temperature, replacement rate, fineness, and age on its hydration characteristics, mechanical properties, and microstructure, establishing a macro-micro correlation for RC and revealing the mechanism of improvement in mechanical properties of thermal-activated RC. The research indicates that in the initial stage of hydration, RC exhibits a relatively fast hydration rate, with higher initial total heat release than OPC. Hydration products include internal hydration products (formation of C-(A)-S-H gel) and external hydration products (formation of plate-shaped AFm). Furthermore, RC exhibits a faster hydration rate at a hot activation temperature of 750°C, with CH and C-S-H gel transforming into the highly hydrated α´L-C2S, forming a denser microstructure at an early stage. Moreover, at a replacement rate of 30 %, the compressive strength of cement mortar reaches its optimum at 28 days, achieving 13.81 MPa, equivalent to 60.7 % of OPC cement mortar, with a 66.67 % reduction in carbon emissions. Microstructure analysis reveals that when the temperature reaches 1000°C, excessive combustion of RC leads to the formation of low-reactivity C2AS and β-C2S, resulting in a decrease in macroscopic mechanical properties. Additionally, increasing the fineness of RC significantly enhances its rehydration capability, especially as the age increases. This study is of great significance for the preparation of green cement-based composite cementitious materials.