In order to improve the comprehensive utilization rate of industrial waste residue, a green and high-performance grouting material was developed. Ultrafine ground granulated blast furnace slag (UFS) and silica fume (SF) were used instead of a certain amount of cement, and the influences of different content of UFS, SF and polycarboxylate superplasticizer (PCE) on properties of grouting materials were systematically studied by orthogonal test and range analysis method under different water-cement ratios. The properties of the optimized slurry and pure cement slurry were compared and the microscopic tests were carried out. The results show that the slurry flow performance is enhanced when the mass fraction of UFS increases from 18% to 20%. SF can improve the compressive strength of stone body and reduce the bleeding rate, and PCE has a significant effect on reducing the viscosity of slurry. Taking 28 d compressive strength and viscosity as the main indexes, the optimal ratio of slurry was obtained as water-cement ratio 0.70, UFS content 20% (mass fraction), SF content 12% (mass fraction), and PCE content 0.16% (mass fraction). The optimized slurry has better bleeding rate, compressive strength and flexural strength than the pure cement slurry. After the addition of UFS and SF, ettringite (AFt) and hydrated calcium silicate (C-S-H) gels filled the pores between particles were generated in the slurry, resulting in the increase of the strength of the optimized slurry stone body.