In this article, the effects of raw materials’ composition on fresh behavior, reaction kinetics, mechanical properties and microstructure of alkali activated slag–fly ash–limestone blends are investigated. The results indicate that, with the increasing content of fly ash and limestone, the slump flow increases. The setting times are shortened when increasing the slag content, while both fly ash and limestone show a negligible influence. The reaction process is slightly accelerated by the presence of limestone due to the extra provided nucleation sites, but the reaction process is mainly governed by the slag. The slag content exhibits a dominant role on strength in this ternary system, while for a constant slag content, the compressive strength increases with the increasing limestone content up to 30%. The microstructure analysis shows that the gel characteristics are independent of the limestone powder content. The presence of limestone in initially high Ca and Al conditions does not lead to the formation of additional crystalline phases, which is different from Portland cement systems. Both physically and chemically bound water contents are slightly increased when limestone powder is incorporated.