This article focuses on the effect of freeze–thaw cycling on a cement-based early-strength anchor material, the compressive strength of which at 24 h is 14 times that of ordinary cement, and the compressive strength at 7 h is twice that of ordinary cement. The setting time required to achieve the expected strength is 1/7 of that of ordinary cement. Through indoor freeze–thaw cycling tests, the appearance changes, quality loss, strength loss, and microstructure changes in the early-strength anchor after 0, 5, 15, 25, 50, 75, and 100 cycles were studied, revealing the evolution of the mechanical properties and micromechanisms of the cement-based early-strength anchor material under freeze–thaw cycling conditions. The sample freeze–thaw failure criteria were determined, evaluation indicators reflecting the degree of damage were defined, and their relationships with the number of freeze–thaw cycles were fitted to assess the durability of the cement-based early-strength anchor material under freeze–thaw environments. This provides a theoretical reference for further improvements in material properties and adaption to different environments.