A computational homogenization model using microstructures obtained from X-ray micro-CT is developed to estimate the porosity-based elastic properties of ultra-high performance concrete under freeze–thaw action. The model is transformed directly from micro-CT which is capable of reflecting realistic distribution of porosity and heterogeneities inside the ultra-high performance concrete. Factors are taken into consideration, including the determination of representative volume element, the position and numbers of representative volume element cubes, fiber orientation, image resolution, applied filter, and pore distribution. The relationship between the material internal structure and freeze–thaw resistance is studied at micro-scale. The volume-averaged homogenization approach is applied to calculate the effective properties of the ultra-high performance concrete which are compared with experimental data. It is demonstrated that the proposed model provides an effective tool to evaluate the elastic properties of the ultra-high performance concrete based on microstructural characterization data.