The effects of two types of water glass on the properties of styrene-acrylic latex（SA latex） modified alkali-activated slag（AAS） were investigated from hydration process， mechanical strength and shrinkage. The results show that potassium water glass（PWG） is stronger to accelerate the hydration process of slag than sodium water glass（SWG）. The SA latex does not hinder the hydration process of AAS and the formation of hydrate calcium silicate/stratlingite， but inhibits the formation of hydrotalcite. The SA latex significantly reduces the compressive strength of AAS， and its effect on PWG-activated slag is stronger than SWG-activated slag. The flexural strength of AAS shows a tendency to firstly increase and then reduce along with the increased SA latex dosage. The optimal dosages of the SA latex in SWG-activated slag and PWG-activated slag are 2.5% and 5.0%， respectively. The total deformation caused by PWG was higher than that of SWG in 14 d， and the SA latex can significantly reduce the total shrinkage of hardened pastes.