Alkali-activated slag cement is an excellent green cementitious material, which is made of partial or total substitution of slag for cement. Under the action of alkali activator, slag hydration produces activity. Alkali-activated slag cement has different hydration mechanisms from ordinary Portland cement under the action of activator because of vitreous phase separation structure of slag, leading to unique mechanical and dry shrinkage characteristics. The composition and structure of slag were introduced in the article, the hydration mechanism of alkali-activated slag cement under the action of sodium hydroxide and sodium silicate respectively was summarized, its basic mechanical properties and dry shrinkage characteristics were discussed, and common methods of fiber shrinkage reduction were listed, which provide a basis for its application and promotion in engineering practice. The shortcomings of existing studies were summarized, and suggestions for future development were given.