In order to study the frost resistance of alkali activated concrete (AAC), 15 AAC cube specimens and 15 cylindrical specimens were designed and manufactured. The frost thawing cycle test and mechanical performance test were used to study the frost resistance of AAC. The results showed that after freeze–thaw cycles, small pores appeared on the surface of the specimen, and the surface roughness increased, resulting in a darker appearance. As the number of freeze–thaw cycles increases, the highest mass loss rate of AAC reaches 1.88%. The cube compressive strength and axial compressive strength of AAC first increase and then decrease, while the elastic modulus gradually decreases. After 50 freeze–thaw cycles, the compressive strength of the specimen was greater than that of the normal temperature specimen. When the freeze–thaw cycles reached 200, the elastic modulus of the specimen degraded by 9.7%, the compressive strength decreased by 18.6%, and the axial compressive strength decreased by 31.2%. Based on the experimental results, a method for calculating the residual strength of AAC after freeze–thaw cycles and key parameters of the freeze–thaw damage constitutive equation were proposed.