To achieve an adjustable setting time and significantly improved early strength of a new type of sulphoaluminate cement-based double-liquid grouting material (SACDL), the effects of calcium formate, sodium sulfate, lithium carbonate, and a composite early strength agent on the setting hardening and early hydration behavior of SACDL paste were studied by means of setting time, fluidity, compressive strength, and viscosity tests. The results showed that the adsorption and osmosis of calcium formate, the complex decomposition of sodium sulfate, the precipitation polarization of lithium carbonate and the synergistic action of the composite early strength agent could accelerate the early hydration rate of SACDL, shorten the coagulation time, and improve the early strength of SACDL. The composite effect of 0.8% calcium formate and 0.5% sodium sulfate is the most significant in promoting coagulation and early strength; the initial setting time and final setting time of the slurry were shortened to 5 min and 10 min, respectively; and the 3 h compressive strength was capable of reaching 16.7 MPa, 31% higher than that of the blank group. In addition, X-ray diffraction and SEM morphology observation were used to study the composition of the hydration products and the evolution of the microstructure, which revealed the early hydration mechanism of SACDL under the synergistic effect of the composite early strength agent: (1) The solubility of tricalcium aluminate (C3A) and dihydrate gypsum (CaSO4·2H2O) increased under the low content composite early strength agent condition, which increased the ettringite (AFt) formation rate. HCOO− was able to penetrate the hydration layers of tricalcium silicate (C3S) and dicalcium silicate (C2S), accelerating the dissolution of C3S and C2S and promoting the early hydration of SACDL. (2) Under the condition of a high dosage of the composite early strength agent, the further increase in Ca2+ concentration promoted the crystallization nodules and precipitation of CH and accelerated the formation of calcium silicate hydrate (C-S-H) gel. C-S-H was filled between a large number of rod-like AFt crystals, thus making the structure more dense.