Shield muck (SM) is characterized by low activation and challenging disposal. The conventional ‘pre-firing-sintering’ process for preparing ceramsites is complex, the temperature changes frequently, and the production is low. In this paper, the combined process of thermal activation and NaOH-waterglass activation was used to prepare ceramsites from burning shield muck (BSM) and ground granulated blast furnace slag (GGBFS). The effects of thermal activated temperatures, material ratios, thermal activated time, and curing time on the physical properties of ceramsites were investigated in detail. The results show that when the thermal activation temperature is 1 000 ℃, m(SM/BSM)∶m(GGBFS) is 6∶4, the thermal activation time is 0.5 h, and the curing time is 28 d, the performance of the prepared ceramsite is excellent. The 28 d compressive strength of ceramsite is 10.38 MPa, the particle density is 1.90 g·cm-3, the bulk density is 895 kg·m-3, and the water absorption is 5.69%. The results of micromorphology analysis show that the hydration reaction inside the ceramsites produced calcium silicate hydrate (C-S-H) and sodium (calcium) silicaluminate hydrate (N(C)-A-S-H) composite gel, which closed most of the pores and made the grains closely bonded, thus improving the compressive strength of the ceramsites. This study can optimize the preparation technology of shield muck-based ceramsites, improving the efficiency of industrial production.