In contrast to ordinary concrete, shotcrete exhibits greater shrinkage deformation. The utilization of an aluminum fluoride alkali-free accelerator (AF) is prevalent in tunnel engineering, attributed to its economical nature and fast setting and hardening. Currently, there is a dearth of research on the volume stability of aluminum fluoride accelerators, and no relevant studies have been conducted on the application of shrinkage-reducing materials in shotcrete using an aluminum fluoride accelerator. With the use of an aluminum fluoride accelerator, the early strength of shotcrete is reduced, and the addition of a shrinkage-reducing agent (SRA) and super-absorbent polymer (SAP) can also lead to a further reduction in the early strength of concrete. Therefore, this study aims to investigate the influence of these two shrinkage-reducing materials (SRA and SAP) on the workability and mechanical properties of shotcrete. The primary focus of this research is to determine the better compensation effect of the two shrinkage-reducing materials. To accomplish this, the study focuses on assessing the setting time, compressive strength, and volume stability of shotcrete that has been mixed with an aluminum fluoride accelerator using SRA and SAP. Additionally, we also aim to explore the hydration and shrinkage compensation mechanism of these shrinkage-reducing materials on shotcrete by conducting a microscopic test analysis.