Carbonation of cementitious materials induced by their interaction with atmospheric CO₂ is one of the main degradation mechanisms threatening their durability. In this study, a novel thermodynamic model to predict the phase evolution of alkali-activated slags exposed to an accelerated carbonation environment is presented. This model predicts the phase assemblages of carbonated alkali-activated slag cements, as a function of CO₂ uptake under 1 v/v % CO₂ conditions, considering the bulk slag chemistry and activators used. The changes taking place during the carbonation process regarding the physicochemical properties of the main binding gel, an alkali calcium aluminosilicate hydrate (C-(N)-A-S-H), the secondary reaction products Ca-Al and Mg-Al layered double hydroxides, and amorphous aluminosilicate gels, were simulated and discussed. The predictions of the thermodynamic model are in good agreement with experimental data retrieved from the literature, demonstrating that this is a valuable tool for predicting long-term performance of alkali-activated slag cements.