The aim of the present research work was the evaluation of the physicochemical and microstructural properties of two ultrafine cements, produced by dry grinding of a commercial CEM I 42.5N cement. The effect of grinding on particle size distribution was determined by laser scattering analyzer. All cements were tested for initial and final setting times, consistency of standard paste, soundness, flow of normal mortar and compressive strengths after 1, 2, 7 and 28 days. The effect of the fineness on the heat of hydration was also investigated. The hydration products were determined by X-ray diffraction analysis and by Fourier transform infrared spectroscopy, at 1, 2, 7 and 28 days. The microstructure of the hardened cement pastes and their morphological characteristics were examined by scanning electron microscopy. Porosity and pore size distribution were evaluated by mercury intrusion porosimetry. The effects of greater fineness on compressive strengths were evident principally at early ages. After the first 24 hours of hydration, the compressive strength of the finest cements was about 3 times higher (over 48 MPa) than the corresponding of CEM I 42.5N (15.1 MPa).