MgO‐based binders have been widely studied for decades. Recently, the MgO–SiO2–H2O system was developed as a novel construction material, however, its reaction mechanism remains unclear. This paper investigated the reaction products and kinetics of MgO/silica fume (SF) pastes with MgO calcinated at different temperatures. The results indicate that MgO presented larger grain size after calcination at higher temperature. Mg(OH)2 and magnesium silicate hydrate (M–S–H) gel were formed when using MgO calcined at 850, 950, and 1050°C. However, only M–S–H gel was formed when using MgO calcined at 1450°C. The reaction kinetics of MgO could be described using α = 1 − e−k*t. The reaction rate of MgO increased with decreasing calcination temperature, increasing SF dosage, and the addition of sodium hexametaphosphate. Only M–S–H gel was formed when the reaction rate of MgO was below the demarcation line (about 0.250 × 10−6 s−1), and the corresponding demarcation area was around 14 days.