The effects of carbonation age, fly ash content in the binder and the water to binder ratios on the carbonation depth of fly ash concrete is investigated and the micromechanical properties of the hardened paste and the inter facial transition zone is analyzed with the micro-hardness method. The experimental results show that replacing Portland cement in concrete with fly ash increases the carbonation rate at early ages, while the late age carbonation rate is lowered. Decreasing the water to binder ratios of concrete enhances the carbonation resistance of concrete. Micromechanical analysis shows that the carbonation reaction increases the micro-hardness of the paste and the compactness of the ITZ. For the relative low replacement levels, the width of the ITZ is reduced if the concrete is carbonated.