This paper investigates the influence of the content of blast furnace slag (BFS) on the microstructural and mechanical properties of non-activated and activated ultra-high performance concrete (UHPC). Three volume-substitution rates of cement with BFS were explored (30% for UHPC 2 , 50% for UHPC 3 and 80% for UHPC 4) and two activation methods, chemical and thermal, were tested. Results show that with 30% of BFS, heterogeneous nucleation prevailed over dilution, accelerating the hydration reaction of cement and increasing the amount of C-S-H formed. C-S-H decreased the porosity of UHPC 2 by 18% and 20% respectively at 3 and 90 days. The compressive strengths of UHPC 1 (without BFS) and UHPC 2 were very similar. For high BFS contents, the dilution effect prevailed and there was less portlandite, which decreased the amount of hydrated products, particularly at early age. As a result, the porosity of UHPC 3 and UHPC 4 was more than twofold higher than that of UHPC 1. To boost the hydration reaction of blended UHPC with a high BFS content, KOH was added. The use of [KOH] 3 significantly increased the amount of hydrated products, reducing the porosity of UHPC 4 1.6-fold at 3 days and increasing its compressive strength by 42% at the same age. However, this activation mode was not enough to ensure the required compressive strength of UHPC 1. Thermal activation at 90°C for 2 days was therefore tested. Results showed the acceleration of the reaction of solid components, which increased the consumption of portlandite and hence the development of hydrated products. This resulted in improving the packing density of blended UHPC, decreasing its porosity and enhancing its compressive strength. In comparison with reference concrete at 90 days, the compressive strength of UHPC 3-T increased by 7% and that of UHPC 4 was 12.5% lower.