Fly ash-slag-based geopolymer is a grouting material with good fluidity and excellent mechanical and eco-friendly properties. The geopolymer can react chemically with the inert minerals of road subgrade under alkali excitation to form a good interfacial bond between road subgrade; therefore, it is suitable for the repair of weak road sections. In order to solve the problems such as the difficulty to store and transport the liquid activator of existing geopolymer grouting materials and to study the unclear mechanism of the influence factors on the fluidity and mechanical properties of geopolymer; the research on the mechanical properties of fly ash-slag based geopolymer was carried out in this paper. Experiments on the preparation of geopolymer and research on different ash-slag ratios under solid alkali excitation were studied. The influence of slag content and solid alkali content (NaOH, Na2SiO3) on the fluidity, compressive and flexural strength of fly ash-slag-based grouting materials was also researched on the basis of single-factor gradient tests. The results showed that the slurry fluidity decreased but the compressive strength gradually increased when the content of slag was increased from 20% to 50%. With the increase in alkali content (NaOH: 2–5%; sodium silicate: 0–6%), the slurry fluidity decreased and the compressive strength increased and then decreased. Combined with the analysis of the test results of Scanning Electron Microscopy (SEM), the microscopic structures of mechanical properties of geopolymer were investigated. Lastly based on ridge regression theory, a regression model was established to predict the mechanical properties of fly ash-slag-based geopolymer. The results indicate that fly ash-slag-based geopolymer has good mechanical properties and fluidity with proper contents of slag and alkali activator, which provide a reference for experiment research and engineering application.