Fly ash, the main component for controlled low-strength material (CLSM), has physical and chemical characteristics according to the resources used in the thermal power plant, and thus fly ash type can influence the physical and strength properties of CLSM. This study investigates the effect of fly ash type on the engineering properties of CLSM and establishes relationships between mechanical properties of CLSM and shear wave velocity (SWV) for long curing times. Six fly ashes with different physical properties and chemical components are used for preparing the CLSM mixtures. The air content, unit weight, flowability, and setting time of CLSM are measured. Unconfined compressive strength (UCS) and elastic modulus (E) are obtained from unconfined compressive tests, and SWV (Vs) is determined using a bender element-based wave measurement system. Experimental results show that the stiffness and strength characteristics of CLSM are relevant to the contents of two oxides (SiO2 and Al2O3) and the fineness of fly ash. Because the evolution of SWV is influenced by the fly ash type, the relationships UCS-Vs and E-Vs are well established. Thus, considering the fly ash type, shear wave monitoring may be effectively used for estimating strength and stiffness characteristics of CLSM.