Ferroaluminate cement has the characteristics of energy conservation, waste utilization, emission reduction, excellent process performance and environmental friendliness, and has gradually attracted the research interest of scholars at home and abroad. This article compared the hydration processes of three different cement systems, namely ferroaluminate cement (FAC), sulfoaluminate cement (SAC), and Portland cement (PC), through test methods such as hydration heat, XRD, TG-DTG, pore structure analysis, and SEM. The hydration products and mechanisms of three types of cement were analyzed. The results show that the 1 d strength of FAC increases by 130% compared to PC, and the 28 d strength exceedes SAC. The hydration heat release of FAC and SAC is mainly concentrated within 1 d, and the iron phase in FAC clinker can shorten the acceleration period and promote the formation of ettringite. Compared with PC and SAC, FAC hydration products contain not only ettringite, hydrated calcium silicate gel and aluminum glue, but also ettringite and iron glue, with lower total porosity, more compact structure of cement stone, and further improved strength and durability.