Low field pulse nuclear magnetic resonance (LF-NMR) was used to analyze the effects of a polymeric ion retarder and the amount of acryloxyethyl trimethylammonium chloride (DMC) in the retarder on the distribution of T2, thickening property, and strength of cement paste. The effect of pressure and temperature on the thickening curve was investigated, and the hydration products were analyzed using XRD. The result shows that the wrapped water of the precipitation is the main reaction aqueous phase of cement slurry in the hydration, with short T2 time and a large relaxation peak area. The retarder weakens the van der Waals force and electrostatic adsorption force between the water and cement particles, reducing the hydration rate of cement particles. An appropriate increase in the cationic content of polymeric ion retarder can improve the early strength of cement slurry.