In response to the cracking diseases caused by poor tensile deformation of asphalt concrete in road and bridge pavement, and to consider reducing traffic obstacles caused by concrete repair, the high ductility magnesium phosphate cementitious rapid repair material (HD-MPCRRM) was developed. HD-MPCRRM meet the requirements of cubic compressive strength more than 40 MPa, rapid hardening (6 h) and high ductility (ultimate tensile strain more than 0.50%, and average crack width less than 200 μm). Setting time, compressive and flexural strength, cubic compressive strength, and tensile property were tested to optimize the performance of HD-MPCRRM, and then the mixture proportion of HD-MPCRRM was selected. XRD was used to analyze the hydration products of magnesium phosphate cement (MPC), and SEM was adopted to observe the microstructure of MPC, which can reveal the macroscopic performance mechanism. Mass ratio of magnesium oxide (M) to ammonium dihydrogen phosphate (P) and borax content are optimized to make the setting time of MPC more than 10 minutes. By optimizing these factors of fly ash content, curing age, water-cement ratio, type and dosage of early strength agent, and sand-cement ratio, the cubic compressive strength of HD-MPCRRM is 41.9 MPa after 6 hours curing. The ultimate tensile strength is 6.1MPa, the ultimate tensile strain is 1.10%, and the average crack width of HD-MPCRRM is 117 μm. M/P mainly changes the type of hydration products of MPC system. When the value of M/P is small, the hydration products of MPC include schertelite and struvite. Schertelite is an intermediate hydration product, and struvite is a final hydration product. When the value of M/P increases, the schertelite product of MPC will transform into struvite. The hydration product of the MPC system with the addition of fly ash and lithium carbonate is struvite. The development of HD-MPCRRM not only provides an effective method for rapid repair of road and bridge pavements, and using MPC cement replaces Portland cement also can reduce carbon emissions.