The invention discloses fly ash cement comprising the following components in parts by weight: 30-40 parts of fly ashes, 53-65 parts of portland cement clinkers, 2-5 parts of dihydrate gypsum, 0.5-2 parts of excitants, 1-2 parts of active agents, 1.5-3 parts of early strength agents, 5-10 parts of lime, 6-12 parts of calcium-added slag and 15-25 parts of red mud. The fly ash cement disclosed by the invention can be used for also solving the problems of low early strength and long setting time, and the problem that later strength is still high besides that the fly ash cement has the excellent characteristics that the common flash ash cement is small in pollution, low in hydration heat, good in alkali-aggregate reaction resistance, sulfate corrosion resistance, dry shrinkage resistance, stability and the like, and especially, the excitants disclosed by the invention do not contain the substances such as sulfate, chloridion and the like, so that the latent instability of long-term durability of the cement and the concrete is effectively avoided, and meanwhile, the cost is greatly reduced due to adding of a lot of fly ashes and other slag. The obtained cement is extremely high in compressive strength, exceeds 40MPa after three days, and exceeds 70MPa after 28 days.