This study aims to optimize the sustainable utilization of excavated soil by incorporating it exclusively as a fine aggregate and cement in the formulation of soil-based controlled low-strength materials. The polycarboxylate superplasticizer was introduced to enhance flowability. Various factors, including the cement contents, initial water contents, and curing time, were systematically analyzed for their effects on the fresh properties, mechanical parameters, transverse relaxation time distribution, pore size distribution, porosity, and corrosivity of soil-based controlled low-strength materials. The results indicate that polycarboxylate superplasticizer effectively dispersed clay minerals and cement particles, enhancing the flowability. The unconfined compressive strength increased with the rising cement content and decreased with the increasing initial water content. Additionally, the transverse relaxation time distribution curves of the soil-based controlled low-strength materials exhibited two peaks. These curves shifted to smaller transverse relaxation time values with the increasing cement content, while gradually shifting to larger transverse relaxation time values with the increasing initial water content. An increase in the cement content resulted in higher volume percentages of small and mesopores, while extra-large pores and macropores decreased. The addition of the polycarboxylate superplasticizer had minimal impact on the pore volume percentage distribution. Furthermore, porosity experienced a decline with the rise in the cement content and curing time, in contrast to a notable increase with a higher initial water content. This investigation provides valuable insights into the engineering properties and microstructural characteristics of soil-based controlled low-strength materials, offering a foundation for sustainable waste management practices in geotechnical applications.