Phosphorus slag (PS), an industrial waste slag, has been used in geopolymers because it is rich in silicon and calcium. The poor performance of phosphorus slag-based geopolymer is due to its aluminum deficiency. In this work, low-calcium fly ash, treated by a wet-grinding process, named wet-grinding ultrafine fly ash (WUFA) was used as an Al supplement to replace some of the phosphorus slag, and the wet-grinding, ultrafine fly ash-phosphorus slag (WUFA-PS)-based geopolymer was prepared. The effects of the substitution amount of WUFA and the activator dosage on the hydration properties, mechanical properties, pore structure and SEM of the WUFA-PS geopolymer were discussed in detail. The results indicate that WUFA and more activators contribute to the Al and high alkalinity environment, which positively induces the production of more geopolymer gels, thus releasing more heat and optimizing the pore structure of the matrix. The compressive strength increased by up to 28.1%. The enhanced performance of the WUFA-PS-based geopolymer may also arise from the filling effect and activity improvement of WUFA. This study has proved the feasibility of preparing a geopolymer by blending wet-grinding ultrafine fly ash and phosphorus slag and has provided references for the ratio and performance evaluation of WUFA-PS-based geopolymer concrete.