The activity of sewage sludge ash (SSA) is not high; ground granulated blast slag (GGBS) has a high calcium oxide content that can accelerate polymerization rates and exhibit better mechanical performance. In order to improve the engineering application of SSA–GGBS geopolymer, it is necessary to conduct a comprehensive evaluation of its performance and benefits. In this study, the fresh properties, mechanical performance and benefits of geopolymer mortar with different SSA/GGBS, modulus and Na2O contents were studied. Taking the economic and environmental benefits, working performance and mechanical performance of mortar as evaluation indexes, the entropy weight TOPSIS (Technique for Order Performance by Similarity to Ideal Solution) comprehensive evaluation method is used to evaluate the geopolymer mortar with different proportions. The results show that as SSA/GGBS increases, the workability of mortar decreases, the setting time first increases and then decreases, and the compressive strength and flexural strength decrease. By appropriately increasing the modulus, the workability of the mortar decreases and more silicates are introduced, resulting in increased strength in the later stage. By appropriately increasing the Na2O content, the volcanic ash activity of SSA and GGBS is better stimulated, the polymerization reaction is accelerated, and the early strength increases. The highestIc(integrated cost index,Ctfc28)of geopolymer mortar is 33.95 CNY/m3/MPa, and the lowest is 16.21 CNY/m3/MPa, which is at least 41.57% higher than that of ordinary Portland cement (OPC). The minimumIe(embodied CO2index,Ecfc28)is 6.24 kg/m3/MPa, rising up to 14.15 kg/m3/MPa, which is at least 21.39% lower than that of OPC. The optimal mix ratio is a water–cement ratio of 0.4, a cement–sand ratio of 1.0, SSA/GGBS of 2/8, a modulus content of 1.4, and an Na2O content of 10%.