Potassium magnesium phosphate cement (MKPC) is a type of chemically bonded ceramic material that has higher performance compared to traditional Portland cement. To develop the spraying and crack pouring process of MKPC, the mechanical properties, volume deformation, hydration temperature, and water stability of the high-fluidity MKPC with different mineral mixed materials and their influence laws were studied. The effects of phase composition and micromorphology of hydration products on the properties of MKPC and its mechanism were analyzed using X-ray diffraction (XRD), thermogravimetry/differential thermal analysis (TG/DTA), and scanning electron microscopy (SEM). The results show that fly ash and metakaolin will not reduce the fluidity of MKPC paste because of their material properties, and silica fume will reduce the fluidity of MKPC paste because of its large specific surface area and high water absorption. Metakaolin can react with phosphate to form aluminum phosphate gel and fill the pores between the crystals because it has a higher activity, which can significantly improve its compressive strength. However, during the later stage of hydration, there will be slight expansion, which would reduce its bonding flexural strength. The MKPC-hardened paste mixed with silicon ash has optimal stability: therefore, it has the highest bonding flexural strength. Microcosmic analysis shows that mineral mixed material plays a physical filling role and participates in the hydration reaction as an active ingredient to improve the early hydration degree, which can change the crystal size and micromorphology of MKPC-hardened paste and make the structure more compact.