In this study, synthesis, microstructural characteristics, mechanical properties, and environmental compatibility of alkali‐activated binders derived from iron ore tailings (IOT)—with partial replacement with metakaolin (MK)—were investigated. The binders were produced with a NaOH solution, IOT, and MK. A thermal cure at 100°C was used and the MK was applied as a partial replacement of IOT in three proportions (10, 20, and 30 wt%). The IOT‐based specimens presented an average of 98.0 and 18.0 MPa at 7 days age of curing for compressive and flexural strength, respectively. The mechanical properties of the alkali‐activated binders with MK decreased as the substitution ratio increased. By the microstructural analysis, it was found a zeolite‐type phase in alkali‐activated IOT, while in the binders blended with MK, three new mineral phases were identified. Furthermore, Fourier transform infrared, quantitative X‐ray diffraction, and environmental analysis suggest that the Fe species present in IOT acted in the alkali‐activation reaction.