To accelerate the resource utilization of coal gangue and meet the strategic requirements of carbon neutralization, alkali-activated, slag-cemented coal gangue is applied in the preparation of solid waste-based road stabilization materials. Here, the cementation characteristics and microstructure characteristics of alkali-activated, slag-cemented coal gangue road stabilization materials are studied using the alkali equivalent and coal gangue aggregate ratio as experimental variables. The results show that with the increase in alkali equivalent from 1% to 7%, the unconfined compressive strength of the alkali-activated coal gangue road stabilization material initially increases and then decreases, with 3% being the optimal group in terms of stabilization, the aggregate ratio of coal gangue increases from 70% to 85%, and the 7-day unconfined compressive strength of the stabilized material decreases approximately linearly from 8.16 to 1.68 MPa. At the same time, the porosity gradually increases but still meets the requirements of the specification. With the increase in hydration time, a large number of hydration products are formed in the alkali slag cementation system, and they are closely attached to the surface of and interweave with the coal gangue to fill the pores, resulting in the alkali slag slurry and coal gangue being brought closer together.