Study on Mechanical and Frost Resistance Properties of Slag and Macadam Stabilized with Cement and Fly Ash

China is a large country in terms of coal production and consumption. The fly ash and slag produced by thermal power plants pose a great threat to the environment. To reduce the adverse effects of fly ash and slag on the environment, a mixture of slag and macadam stabilized with cement and fly ash was prepared as pavement base material. Compaction tests, unconfined compressive strength tests, splitting strength tests, frost resistance tests, and ultrasonic tests were performed on the mixture. The results show that with an increase in slag replacement rate, the unconfined compressive strength and splitting strength decreased. However, the adverse influence of the slag replacement rate on unconfined compressive strength and splitting strength of specimens gradually weakened with increasing curing time. The frost resistance of the mixture first increased and then decreased with an increase in the slag replacement rate. When cement content was 5% and the slag replacement rate was 50%, the frost resistance of the mixture was the best. Regression analysis of the ultrasonic test showed that the ultrasonic test can effectively characterize the strength of the mixture and the internal damage degree under freeze–thaw cycles. In conclusion, the slag replacement rate of the mixture is recommended to be ~50%, which has preferable mechanical and frost resistance performance.