In hydraulic structures such as water control projects, spillway tunnels, and overflow dams that are subjected to high-velocity flow erosion, Concrete is required to exhibit high resistance to abrasion and cracking. While low water-to-binder ratio concrete can meet strength requirements, its inherent high shrinkage propensity often leads to cracking, seriously compromising long-term safety and durability under severe operating conditions. To address this engineering challenge, this study focuses on optimizing concrete performance through the synergistic combination of slag (GGBS) and silica fume (SF). This study systematically investigated the effects of incorporating GGBS (20–24%) and SF (6–10%) in a low water-to-binder ratio system with a fixed 70% cement content on key concrete properties. The evaluation was conducted through comprehensive tests including compressive strength, drying shrinkage, autogenous shrinkage, and hydration heat analysis. The results demonstrate that the blended system successfully achieves a synergistic improvement in both “high strength” and “low cracking risk.” Specifically, the incorporation of silica fume significantly enhances the compressive strength at all ages, providing a solid mechanical foundation for resisting high-velocity flow erosion. More importantly, compared to the pure cement system, the blended system not only delays the onset but also reduces the rate of early-age shrinkage, and lowers its ultimate autogenous shrinkage value. This characteristic is crucial for controlling the combined effects of thermal and shrinkage stresses from the source and preventing early-age cracking. Simultaneously, hydration heat analysis reveals that the blended system retards the heat release process, which helps mitigate the risk of thermal cracking. This study elucidates the regulatory mechanism of the GGBS-SF combination and provides a critical mix design basis and theoretical support for producing high-strength, high-abrasion-resistant, and low-shrinkage concrete in high-velocity flow environments, offering direct practical implications for engineering applications.