The aggregate-to-binders ratio (A/Bs) is an important parameter for the design and preparation of repair mortars. In this paper, the influences of A/Bs on the physical and mechanical properties of red-mud-modified magnesium phosphate repair mortar (RMPM) were systematically investigated. By exploring the capillary absorption characteristics of RMPM, the effect mechanism of A/Bs on its water resistance and mechanical properties was further clarified. The results indicated that the fluidity of fresh RMPM reduced with an increase in A/Bs, and its setting time was first shortened and then prolonged. The compressive strength, flexural strength, interfacial bonding strength, and water resistance of RMPM increased and then decreased with the increasing A/Bs and reached the maximum when the A/Bs was 1.0. The capillary absorption of RMPM was a linear correlation with the square root of the immersion time, and whose slope, that is, the capillary absorption coefficient, and capillary porosity decreased and then increased with the increase in A/Bs. Capillary porosity had a linear relationship with the strength retention rate, which indicated that A/Bs produced a significant effect on the water resistance of RMPM by modifying its capillary pore characteristics. When the A/Bs was 1.0, RMPM had the lowest capillary absorption coefficient and capillary porosity, and thus possesses appropriate mechanical properties and water resistance.