In deep coal mining, grouting reinforcement and water blockage are the most effective means for reinforcing the rock mass of extremely broken coal. However, traditional cement grouting materials are not suitable for use in complex strata because of their insufficient early mechanical strength and slow setting time. This study innovatively proposes using alkali-activated grouting material to compensate for the shortcomings of traditional grouting materials and strengthen the reinforcement of extremely unstable broken coal and rock mass. The alkali-activated grouting material was prepared using slag as raw material combined with sodium hydroxide and liquid sodium silicate activation. The compressive strength of specimens cured for 1 d, 3 d, and 28 d was regularly measured and the condensation behavior was analyzed. Using X-ray diffraction and scanning electron microscopy, formation behavior of mineral crystals and microstructure characteristics were further analyzed. The results showed that alkali-activated slag grouting material features prompt and high strength and offers the advantages of rapid setting and adjustable setting time. With an increase in sodium hydroxide content, the compressive strength first increased (maximum increase was 21.1%) and then decreased, while the setting time continued to shorten. With an increase in liquid sodium silicate level, the compressive strength increased significantly (and remained unchanged, maximum increase was 35.9%), while the setting time decreased significantly (and remained unchanged). X-ray diffraction analysis identified the formation of aluminosilicate minerals as the main reason for the excellent mechanical properties and accelerated coagulation rate.