Supplementary cementitious material (SCM) plays an important role in blended cement, and the effect of the particle size and morphology of siliceous supplementary cementitious material on hydration should not be ignored. In this study, 0.5 h and 1 h of wet grinding was applied to pretreat iron ore tailing powder (TP), and the divergence in pozzolanic behavior and morphology were investigated. Then, the treated TPs were used to replace the 30% cement contents in preparing blended cementitious paste, and the impact mechanism of morphology on performance was studied emphatically. M, the autogenous shrinkages of pastes were tested. Finally, hydration reaction kinetics was carried out to explore the hydration behavior, while X-ray diffraction (XRD) and thermogravimetric analysis (TGA) were used to characterize the hydration product properties, respectively. Meanwhile, microscopy intrusion porosimetry (MIP) was also carried out to characterize the pore structures of hardened specimens. Results indicated that wet grinding has a dramatic effect on particle size and morphology, but hardly affects the phase assemblages and pozzolanic reactivity of TP, while the particle shape of TP changes from sub-circular to clavate and, finally, back to sub-circular. The results of hydration reaction kinetics, representing the morphology of particles, had a significant effect on hydration rate and total heat, and compared with the sub-circle one, the clavated particle could inhibit the hydration procedure. With the increasing grinding time, the compressive strength of cementitious paste was increased from 17.37% to 55.73%, and the micro-pore structure became denser; however, the autogenous shrinkage increased.