To improve the resource utilization of dredged silt and industrial waste, this study explores the efficacy of using ground granulated blast furnace slag (GGBS), active calcium oxide (CaO), and sodium silicate (Na2O·nSiO2) as alkali activators for silt stabilization. Through a combination of addition tests, response surface method experiments, and microscopic analyses, we identified key factors influencing the unconfined compressive strength (UCS) of stabilized silt, optimized material ratios, and elucidated stabilization mechanisms. The results revealed the following: (1) CaO exhibited the most pronounced stabilization effect, succeeded by Na2O·nSiO2, whereas GGBS alone displayed marginal efficacy. CaO-stabilized silt demonstrated rapid strength augmentation within the initial 7 d, while Na2O·nSiO2-stabilized silt demonstrated a more gradual strength enhancement over time, attributable to the delayed hydration of GGBS in non-alkaline conditions, with strength increments noticeably during later curing phases. (2) Response surface analysis demonstrated substantial interactions among GGBS-CaO and GGBS-Na2O·nSiO2, with the optimal dosages identified as 11.5% for GGBS, 4.1% for CaO, and 5.9% for Na2O·nSiO2. (3) X-ray diffraction (XRD) and scanning electron microscopy (SEM) analyses clarified that the hydration reactions within the GGBS-Na2O·nSiO2 composite cementitious system synergistically enhanced one another, with hydration products wrapping, filling, and binding the silt particles, thereby rendering the microstructure denser and more stable. Based on these experimental outcomes, we propose a microstructural mechanism model for the stabilization of dredged silt employing GGBS-CaO-Na2O·nSiO2.