Understanding the mechanical behavior of icy lunar regolith is critical for constructing permanent lunar bases and enabling in-situ resource utilization in permanently shadowed polar regions. This study develops the CUMT-ICE simulated lunar regolith and systematically investigates its shear strength characteristics under low temperature conditions. The simulant incorporates volcanic ash, anorthite, and magnetic powder, processed through compression, high-temperature sintering, and particle size reduction to replicate the particle shape and size distribution of Apollo 16 lunar regolith. The ice-containing specimens were prepared using a freeze-compaction method and tested in direct shear under controlled temperatures, normal stresses. Results demonstrate that both temperature and moisture content significantly impact shear behavior. Peak shear strength generally increases with decreasing temperature, highlighting the role of ice as a binding agent. These findings contribute to a better understanding of icy lunar soil mechanics and provide essential data for future lunar exploration and resource utilization.