Microstructural and mechanical properties of alkali activated binders based on blends of Colombian granulated blast furnace slag (GBFS) and fly ash (FA) were investigated. The synthesis of alkali activated binders was conducted at 85 °C for 24 h with different slag/fly ash ratios (100:0, 80:20, 60:40, 40:60, 20:80, and 0:100). Mineralogical and microstructural characterization was carried out by means of X-ray diffraction (XRD), Fourier transform infrared spectroscopy (FTIR), Scanning electron microscopy with energy dispersive X-ray spectroscopy (SEM/EDX) and Nuclear magnetic resonance (NMR). Mechanical properties were evaluated through the compressive strength, modulus of elasticity and Poisson’s ratio. The results show that two different reaction products were detected in the slag/fly ash mixtures, a calcium silicate hydrate with Al in its structure (C-A-S-H gel) and a sodium aluminosilicate hydrate (N-A-S-H gel) with higher number of polymerized species and low content in Ca. It was found that with the increase of the amount of added slag, the amount of C-A-S-H gel increased and the amount of N-A-S-H gel decreased. The matrix was more dense and compact with almost absence of pores. The predominance of slag affected positively the compressive strength, Young’s modulus and Poisson’s ratio, with 80% slag and 20% fly ash concrete being the best mechanical performance blend.