To quantify the correlation between freeze-thaw resistance and its influencing factors in macroporous recycled concrete (MRC) and its mesoscopic constituents—recycled aggregate (RA), new paste (NP), and interfacial transition zone (ITZ)—saturated specimens of RA, NP, ITZ, and MRC were subjected to freeze-thaw tests in air. Multiple properties and parameters of each kind of specimen were measured under different numbers of freeze-thaw cycles, and grey relational analysis was employed to quantify the correlations among the test results. The relational degree rankings of influencing factors were identified as follows: For NP compressive strength: NP indentation elastic modulus ＞ NP pore size distribution coefficient ＞ NP average pore size; For ITZ shear strength: ITZ indentation elastic modulus ＞ ITZ thickness; For old paste (OP) detachment rate: OP average pore size ＞ ITZ thickness ＞ OP pore size distribution coefficient ＞ ITZ indentation elastic modulus ＞ OP indentation elastic modulus; For MRC compressive strength: NP compressive strength ≈ ITZ shear strength ＞ OP detachment rate. The relational degrees of all factors ranged from 0.503 to 0.955, indicating significant correlations. The strength of the paste and ITZ were strongly influenced by indentation elastic modulus, while the OP detachment rate was determined by weak points in the RA. When the porosity reached approximately 25%, the influence of material properties on the compressive strength of MRC was maximized, while the impact of pore structure was minimal.