This paper presents the preparation of alkali-activated red mud (RM) light material by an ultra-high liquid–solid ratio (1.98) based on the super water absorption characteristic of RM particles. Compressive strength, dry density, and water absorption are analyzed over time. Besides, the characteristic distributions of porosity and pore size are measured by mercury injection tests, and the microstructure is further analyzed by scanning electron microscopy. The results show that the ultra-high liquid–solid ratio can be used to prepare light samples with superior mechanical properties, low water absorption, reasonable pore distribution, and fine microstructures compared with light samples prepared with a foaming agent. The reason is that the significant increase in the free water does not change the dense microstructure of samples and effectively limits the increase in the detrimental pores. This effectively alleviates the sudden decrease in compressive strength and limits the increase in water absorption.