The feasibility of manufacturing non-autoclaved aerated concrete using alkali activated phosphorus slag as a cementitious material was investigated in this paper. Liquid sodium silicate with various modules (the molar ratio between SiO2 and Na2O) was used as alkali activator and a part of phosphorus slag was replaced with fly ash which was used to control the setting time of aerated concrete. The influences of the fly ash, curing procedure, modulus of sodium silicate solution and concentration of alkalis on the compressive strength and bulk density of non-autoclaved aerated concrete have been studied. Moreover, the types of the hydration products were investigated using XRD and SEM. The results indicate that: the compressive strength of aerated concrete was influenced by concentration of alkalis obviously. The compressive strength of 11.9MPa and the bulk density of 806kg/m3 were obtained with an activator of 1.2 modulus of sodium silicate and 6% concentration of alkalis under the circumstance of 60°C curing for 28 days.