In precast concrete elements manufacturing, steam-cured concrete incorporating 30% fly ash encountered the problem of a too low demoulding compressive strength. To resolve it, this paper developed a new steam-cured concrete (AFSC) incorporating fly ash and a chemical activator. Experiments were conducted to investigate the mechanical properties of AFSC. The corresponding mechanism was also discussed by testing the microstructure of concrete. Results indicate that the demoulding compressive strength of AFSC can meet production requirements, and compressive and flexure strength of AFSC at later ages increase well. Compared with that of ordinary steam-cured concrete, AFSC has a higher tensile strength, and the capability of AFSC to resist cracks is enhanced remarkably. At an early age, addition of the chemical activator can distinctly accelerate the extent of hydration of the fly ash cement systems, and thus the microstructure of concrete becomes denser.