The disposal of circulating fluidized bed (CFB) fly ash has been a serious environmental problem in the development of our society. In this work, the feasibility of recycling CFB fly ash as a blended material incorporating blast furnace slag (BFS), clinker and gypsum for the preparation of Eco-cement has been investigated. The mechanical properties of CFB fly ash based Eco-cements, including CFB fly ash–clinker system, CFB fly ash–ground BFS system, and CFB fly ash–ground BFS–clinker system, were evaluated in this paper. Scanning electron microscopy (SEM) and X-ray diffraction (XRD) techniques were used to analyze the microstructural changes and the hydration products of the CFB fly ash based Eco-cement pastes. The results indicated that it is feasible to use CFB fly ash along with BFS and clinker to produce Eco-cement. The hydration products of CFB fly ash based Eco-cement are mostly ettringite and amorphous C-S-H gel, which are principally responsible for the strength and structure development of CFB fly ash based Eco-cement in the hydration process.