Metakaolin has been widely used as pozzolanic additive to improve the pozzolanic activity of lime-based products. In this study, the normal standard Proctor compaction test was performed on metakaolin with (5% lime) and without (0% lime) lime addition. The changes in stiffness, suction, and microstructure with remoulding water content were investigated on statically compacted samples. Results show that lime-treated metakaolin exhibits a 1.5-peak compaction curve, while untreated metakaolin exhibits common one-peak compaction curve. The uncommon shape of the compaction curve of the treated metakaolin can be explained by the non-fully developed soil suction when water is not continuous. Treated and untreated samples compacted at both dry and wet of optimum show uni-modal pore-size distribution characteristics, indicating the absence of aggregates. This is related to the specific thermal treatment, forming separate metakaolin platelets and leading to a modified uniform structure with diffuse platelets. The soil stiffness is rather dominated by the number of particle contacts or soil dry density, the effect of suction being insignificant. For the suction changes, on the dry side, the effect of pore-size distribution prevails facing the effect of water content, while on the wet side it is the effect of water content that becomes dominating.