In this study, high-performance grouting materials were prepared using LCCM as the cementitious material, fly ash as the admixture, and steel slag as the fine aggregate. The effects of steel slag content and fly ash content on the fluidity, vertical expansion rate, and compressive strength of the grouting materials were systematically investigated. Through microscopic testing methods such as X-ray diffraction (XRD), the formation and evolution laws of AFt at different hydration ages were analyzed, and the regulatory effects of steel slag and fly ash on the content of AFt were revealed. Further, the bonding performance tests of grouting steel sleeve were carried out, and the variation characteristics of the bond stress-displacement curve and load–displacement curve under different anchorage lengths were studied. The development law of the average bond stress with the hydration age and the failure mode of the specimens were clarified. In addition, the response laws of the circumferential and longitudinal characteristic points on the surface of the sleeve to the load were compared and analyzed.