Blast furnace slag (BFS) is often used as a cement-based raw material for underground filling and surface cemented paste discharge of tailings during mining processes. This paper studied a new cement-based material (NCM) with BFS to replace ordinary Portland cement (OPC). A uniaxial compressive strength (UCS) experiment was used to test the mechanical strength of samples; X-ray diffraction and thermal gravity experiments were used to test the crystalline phases and amount of hydration products by samples; a scanning electron microscope experiment was used to observe the influence of the hydration products morphology by samples; mercury intrusion porosimetry experiment was used to analyze the pore size distribution of samples. The samples with NCM had an optimum UCS; the crystalline phases of the hydration products were similar in OPC and NCM. However, the amount of product formed in OPC was less than that in NCM at the same curing time; more ettringite and calcium silicate hydrate were produced in samples with NCM, which filled the pores and enhanced the UCS of the samples. The final mercury intrusion volume of the samples with NCM were lower than the samples with OPC at the same curing time, which showed that samples with NCM had lower porosities. For the samples with NCM and OPC cured from 7 days to 28 days, the mercury intrusion volume was reduced by 18% and 13%, and the most common pore size of the samples reduced by 53% and 29%, respectively. This showed after 21 days curing time, the pores of all the samples getting smaller; however, the samples with NCM were more compact. The main ingredients of the NCM were clinker, lime, gypsum and BFS, and its ratio was 14:6:10:70. The content of additives to NCM was 0.4%, and the ratio of sodium sulfate: alum: sodium fluorosilicate was 2:1:1.