In order to solve the problems of high cement cost, high energy consumption and pollution, and based on the synergistic effect of solid waste, the fly ash (FA), red mud (RM) and ultrafine steel slag powder (USS) are used as the raw materials, and the external water glass solution is used as the alkali activator to prepare the solid waste cementing material (SWCM). Through the laboratory tests, the variation of SWCM working mechanics and water stability performance is analyzed by the single-factor range method, and the hydration reaction mechanism of SWCM is analyzed by XRD and SEM microscopic tests. The test results show that the setting time, flexural and compressive strength and water stability of SWCM are the best when RM:USS = 1:4, and the working mechanical properties can meet the performance indexes of portland cement P.O42.5 and below. The production cost of SWCM is only 48.5 % ~ 55.4 % of that of P.O42.5 Portland cement. The hydration products of the specimen are mainly the calcium silicaluminate hydrate (C-S-(A)-H) and ettringite (AFt). When the age of the specimen increases, the number of C-S-(A)-H and AFt in the specimen can be increased by selecting the appropriate amount of RM and USS, and the mechanical properties are better. Through the systematic study of SWCM, it is used as the data theoretical support for entity engineering.