Five all-lightweight alkali-activated (AA) slag concrete mixes were tested according to the variation of water content to examine the significance and limitation on the development of cementless structural concrete using lightweight aggregates. The compressive strength development rate and shrinkage strain measured from the concrete specimens were compared with empirical models proposed by ACI 209 and EC 2 for portland cement normal weight concrete. Splitting tensile strength, and moduli of elasticity and rupture were recorded and compared with design equations specified in ACI 318-08 or EC 2, and a database compiled from the present study for ordinary portland cement (OPC) lightweight concrete, wherever possible. Test results showed that the slump loss of lightweight AA slag concrete decreased with the increase of water content. In addition, the compressive strength development and different mechanical properties of lightweight AA slag concrete were comparable with those of OPC lightweight concrete and conservative comparing with predictions obtained from code provisions. Therefore, it can be proposed that the lightweight AA slag concrete is practically applicable as an environmental-friendly structural concrete.