Cement fly ash was used as inorganic binder to stabilize natural crushed stone. The effects of cement dosage, fly ash dosage and curing age on unconfined compressive strength, splitting strength and resilience modulus were studied. The results show that the unconfined compressive strength, splitting strength and resilience modulus increase linearly with the increase of cement dosage. The unconfined compressive strength and splitting strength increase first and then decrease with the increase of fly ash dosage, and reach the peak at 9% of fly ash dosage, and the modulus of resilience decreases with the increase of fly ash dosage. With the increase of curing age, the unconfined compressive strength of 28 and 60 d are increased by about 30% and 60%, the splitting strength of 28 and 60 d are increased by about 50% and 70%, and the resilience modulus of 28 and 60 d increased by about 65% and 120%, respectively compared with 7 d.