In this paper, sodium carbonate and calcium hydroxide instead of sodium hydroxide used as composite activators, and slag are applied to prepare one-part alkali-activated slag. Furthermore, the properties of the slag activated by sodium hydroxide are compared. The compressive strength, XRD, TGA, MIP, and SEM analysis of the two systems are performed. The results show that the one-part alkali-activated slag prepared from sodium carbonate and calcium hydroxide has a superior compressive strength against the slag activated by sodium hydroxide. It is also found that the hydration speed of the sodium hydroxide activated slag is faster, and thus the higher compressive strength of the one-part alkali-activated slag is not caused by the hydration speed. The hydration of one-part alkali-activated slag produces a certain amount of calcium carbonate, resulting in a lower porosity in comparison with the slag activated by sodium hydroxide, which may be the reason for the better compressive strength of one-part alkali-activated slag.