As　an　ancient　architectural　restoration　material,　hydraulic　lime　has　good　early　properties,　which　is　necessary　to　ensure　its　successful　application.　Metakaolin-air　lime　(MK-AL)　composite　material　as　a　kind　of　hydraulic　lime,　the　initial　fluidity,　macroscopic　rheological　properties,　viscoelasticity　and　dissolution-early　hydration　are　systematically　investigated　by　setting　different　water　to　binder　(w/b)　ratios,　polycarboxylate　superplasticizer　(SP)　and　metakaolin　dosages.　The　results　showed　that　the　initial　fluidity　of　MK-AL　pastes　has　a　more　obvious　improvement　by　adding　SP.　The　rheological　behavior　of　MK-AL　paste　was　well　characterized　by　both　the　Bingham　model　and　H-B　model.　The　reduction　of　yield　stress　and　plastic　viscosity　on　account　of　the　better　dispersion　of　particles　in　MK-AL　paste.　The　rheological　behavior　expresses　shear　thickening　without　SP　and　shear　thinning　with　SP　in　MK-AL　paste　are　revealed.　The　viscoelastic　transformation　is　illustrated　by　the　macroscopic　viscosity　index,　elastic　index,　storage　modulus,　loss　modulus,　solid-liquid　balance　and　fluidity　index　parameters,　these　parameters　have　a　reduction　to　a　large　degree　with　increasing　w/b　ratios　and　SP　dosage,　while　the　variation　of　metakaolin　dosage　has　relatively　little　impact.　The　increase　in　w/b　ratio　and　SP　dosage　promote　the　dispersion　and　dissolution　of　the　particles　in　the　aqueous　solution,　and　the　strong　dispersive　capacity　delays　the　process　that　particles　heap　up　rapidly　and　network　structure　formation　in　MK-AL　pastes.　Furthermore,　the　exothermic　rate　of　the　two　hydration　stages　is　reduced　significantly,　as　well　as　the　appearance　of　the　exothermic　peak　of　hydration　is　delayed.