The conflict between industrial solid waste treatment and environmental protection in Inner Mongolia is becoming increasingly prominent. Using industrial solid waste such as mineral powder, fly ash and wet calcium carbide slag as raw materials, using the alkali excitation method to prepare geopolymer, and replacing part of the cement for pavement base can effectively absorb industrial solid waste and realize the dual goals of waste utilization and environmental protection. Through mechanical properties tests before and after a freeze–thaw cycle and micro tests such as scanning electron microscopy (SEM) and mercury intrusion porosimetry (MIP), the strength variation rule and mechanism of geopolymer-cement stabilized aggregate under freeze–thaw cycles were deeply investigated. The relationship between different porosity indexes and mechanical properties in mercury intrusion porosimetry (MIP) was established by grey relation analysis. The results prove that a mixture with impaired properties after freeze–thaw cycles and the anti-freezing performance of the mixture with 20% geopolymer content are better than that of the mixture with no geopolymer content and 40% geopolymer content. The loss rates of unconfined compressive strength (UCS) after 5, 10 and 20 freeze–thaw cycles were 9.5%, 27.6% and 36.4%, respectively. The appropriate addition of geopolymer can enhance the anti-freezing performance of a stable aggregate. Following freezing and thawing cycles, the unconfined compressive strength (UCS) damage of the mixture is mainly influenced by a rise in total porosity, and the grey correlation degree is 0.75. The increase in more harmful pores and total porosity mainly results in an indirect tensile strength (ITS) loss. The grey correlation degree is 0.91. The compressive rebound modulus (CRM) is not affected by the change in pores but decreases with a rise in the geopolymer dosage.