Alkali-activated copper and nickel slag cementitious materials (ACNCMs) are composite cementitious materials with CNS (copper and nickel slag) as the main materials and GGBFS (ground-granulated blast-furnace slag) as a mineral admixture. In this paper, the activity indexes of CNS with different grinding times were studied using CNS to replace a portion of cement. NaOH, Na2SO4, and Na2SiO3 activators were used to study the alkaline solution of the CNS glass phase. The effects of the fineness of CNS and the type of activator on the hydration of ACNCMs were investigated via physical/mechanical grinding and chemical activation. The hydration products of ACNCMs were analyzed via XRD, SEM, FT-IR, TG, and MIP. The results of the study revealed that the activity indexes of CNS ground with different grinding times (10, 30 and 50 min) were 0.662, 0.689, and 0.703, respectively. When Na2SiO3 was used as the activator, the glass phase dissolved the most Si4+, Al3+, and Ca2+, and the respective concentrations in the solution were found to be 2419, 39.55, and 3.38 mg/L. Additionally, the hydration products of ACNCMs were found to have a 28-day compressive strength of up to 84 MPa.