In order to advance the utilization rate of multi-source solid wastes in the Ningxia region of China, 16 groups of pavement base mixtures were designed with cement and fly ash (FA) as binders, steel slag (SS), silicon manganese slag (SMS), and recycled crushed stone (RCS) as composite aggregates. The evolution laws of mechanical and frost resistance properties of the mixture were investigated by unconfined compressive strength (UCS), indirect tensile strength (ITS), freeze–thaw (FT), and ultrasonic detection tests. Then, the strength formation mechanisms were revealed by microscopic characterization technology. The mathematical models between UCS-ITS, UCS-ultrasonic amplitude, FT cycles-UCS damage, and frost resistance coefficient-relative dynamic elastic modulus Er were established. The results show that cement content and curing age exhibited a positive effect on the mechanical strength and frost resistance of the mixture. When the replacement rate of SS was 60%, the mechanical strength and frost resistance were preferable. The R2 of the strength relationship models constructed was greater than 0.9, indicating high fitting accuracy. With the extension of the curing age, the cementitious products such as C-S-H (hydrated calcium silicate) and AFt (ettringite) developed entirely, and they were interlocked and cemented with each other, resulting in the micro-morphology developed from the three-dimensional network structure to the dense system. The macroscopic behavior incarnated that the mechanical strength and frost resistance of the mixture were significantly enhanced.