Water-quenched cooling ferronickel slag fine aggregates contain a high proportion of amorphous silica and thus pose high alkali-silica reaction (ASR) activity, which may adversely affect the durability and safety of building structures. To elucidate the intrinsic relationship between the initial particle size of ferronickel slag and its ASR behavior, the aggregates were crushed and sieved to controlled size ranges, and the ASR activity of ferronickel slag fine aggregates with different initial particle sizes was systematically studied based on the evolution of hydration products, gel structure, and micro-morphology. The results indicate that the ASR reactivity of ferronickel slag fine aggregates increases with initial particle size. A large amount of calcium hydroxide generated in the ferronickel slag fine aggregate cement mortar participates in the subsequent ASR reaction. Calcium ions exchange with alkali metal ions in the gel product, and a large amount of calcium-rich gel is formed in the cracks near the aggregate. The water absorption rate of the calcium-rich gel is high, which will lead to the expansion of slurry and affect the pore structure of slurry. This study intuitively reveals the dynamic damage accumulation characteristics of aggregates with different initial particle sizes in ASR process, and provides basis and engineering reference for the ASR hazard evaluation and prevention strategy formulation of ferronickel slag fine aggregates.