The effects of steel slag (SS) and fly ash (FA) on hydration heat, fluidity, setting time and rheological properties of alkali-activated slag (AAS) pastes with different silicate modulus (Ms) values were comparatively investigated. The results show that the incorporation of SS shortens the induction period, increases the cumulative hydration heat, improves the initial fluidity and decreases the setting time at low Ms, but the opposite trend is found at high Ms. FA significantly retards the reaction, reduces the hydration heat, increases the fluidity and prolongs the setting time. The addition of SS or FA reduces the yield stress and plastic viscosity of AAS paste. SS improves the rheological properties of AAS paste more significantly than that of FA at high Ms. The yield stress and plastic viscosity of AAS paste with SS or FA rise with the increasing Ms and decline with the increasing water/binder (w/b) ratio.