Traditional silicate cement materials produce a large amount of CO2during production, making it urgent to seek alternatives. Alkali-activated slag cement is a good substitute, as its production process has low carbon emissions and energy consumption, and it can comprehensively utilize various types of industrial waste residue while possessing superior physical and chemical properties. However, the shrinkage of alkali-activated concrete can be larger than that of traditional silicate concrete. To address this issue, the present study utilized slag powder as the raw material, sodium silicate (water glass) as the alkaline activator, and incorporated fly ash and fine sand to study the dry shrinkage and autogenous shrinkage values of alkali cementitious material under different content. Furthermore, combined with the change trend of pore structure, the impact of their content on the drying shrinkage and autogenous shrinkage of alkali-activated slag cement was discussed. Based on the author’s previous research, it was found that by sacrificing a certain mechanical strength, adding fly ash and fine sand can effectively reduce the drying shrinkage and autogenous shrinkage values of alkali-activated slag cement. The higher the content, the greater the strength loss of the material and the lower the shrinkage value. When the fly ash content was 60%, the drying shrinkage and autogenous shrinkage of the alkali-activated slag cement mortar specimens decreased by about 30% and 24%, respectively. When the fine sand content was 40%, the drying shrinkage and autogenous shrinkage of the alkali-activated slag cement mortar specimens decreased by about 14% and 4%, respectively.