The hydration of different blast-furnace slags with sodium metasilicate or NaOH as activator was investigated. Sodium metasilicate shows poor strength after 1 day, but high strength after 7 days and beyond, whereas NaOH activation leads to high strength after 1 day , but only moderate strength development at later ages. At the same hydration degree, sodium metasilicate activation gives a much higher compressive strength than NaOH activation. This is due to the formation of a dense hydration product in the NaOH-activated system at the early age, which leads to a more porous microstructure than in the case of sodium metasilicate. A higher MgO content in the slags is beneficial with respect to faster hydration kinetics and a more rapid strength development. Increasing Al2O3 contents lead to slightly slower hydration kinetics and slightly lower compressive strengths. The best correlation between compressive strength and slag composition was found using the extended basicity (CaO + MgO)/SiO2 index.