Based on a series of recycle process, waste concrete can be made into fine recycled aggregate which can be used completely or partly to compound concrete as a substitute for natural sand. But the special properties of fine recycled aggregate make the performance of concrete with fine recycled aggregate different from normal concrete. Characteristics of fine recycled aggregate and its influence on physical and mechanical properties of concrete are studied. On this basis, the influence of fine recycled aggregate on gas permeation properties, chloride permeability, and carbonation resistance of concrete are also studied. It is found that fine recycled aggregate produces a lot of defects in crushing preparation. And the compressive strength, the chloride permeability and the carbonation resistance of the concrete with fine recycled aggregate as substitution show difference from that of normal concrete.