A sustainable solid waste-based cementitious system was developed using refining slag, steel slag, desulfurized gypsum, and granulated blast furnace slag (GBFS), and its low-temperature hydration behavior was investigated through a combined experimental and modelling approach. The strength development and microstructural evolution of the quaternary system under different curing temperatures were systematically analyzed. A temperature-dependent hydration kinetics interpretation was introduced to explain the variation in mechanical performance. The hydration characteristics were examined using X-ray diffraction (XRD), thermogravimetric–differential scanning calorimetry (TG–DSC), and scanning electron microscopy (SEM). The results indicate that curing temperature plays a dominant role in governing hydration kinetics and strength evolution. The compressive strength shows a clear positive correlation with temperature, which can be attributed to the accelerated formation of hydration products, mainly ettringite (AFt) and calcium silicate hydrate (C–S–H) gel. Under low-temperature conditions, the hydration process is significantly retarded due to reduced ion mobility and suppressed dissolution of solid waste components. The proposed mechanism suggests that refining slag contributes to the activation of the quaternary system by enhancing early-stage hydration reactions and improving structural densification. From a sustainability perspective, the developed system provides an effective pathway for large-scale utilization of industrial solid wastes while reducing dependence on conventional cement. The findings offer both experimental insights and a modelling-oriented interpretation of low-temperature hydration processes, providing a useful reference for the design and optimization of sustainable cementitious systems in cold-region engineering applications.