Flue gas desulphurization (FGD) gypsum and fly ash are two kinds of solid waste in coal-fired power plant. The possible displacement content of fly ash in gypsum plaster was investigated in this paper. The effect of various chemicals retarders, such as Citric acid, sodium citrate and SC gypsum retarder, and water retention agent on the setting time, flexural strength and compressive strength of gypsum plaster was also studied. The results demonstrate that gypsum plaster has maximum mechanical properties and enough setting time at the rate of 20% fly ash replacing calcined gypsum; SC gypsum retarder effectively delays the setting time and has lower strength loss; The optimum level of water-retention agent for effective utilization of gypsum plaster is 0.2%.