The effects of direct extracts of compost (DEC), aerated fermentation extracts of compost (AFEC) and non-aerated fermentation extracts of compost (NAFEC) on cucumber growth and the action mechanisms were evaluated based on the structure and activity analysis of humic-like substances. AFEC increased cucumber growth most significantly, followed by DEC and NAFEC, which was insignificant compared to the control treatment. Humic-like substances from compost extracts played an important role in promoting cucumber growth. Application of humic-like substances stimulated auxin-like activity and increased chlorophyll content and nitrogen accumulation in plants. The positive auxin-like activity of humic-like substances could be attributed to the relative distribution of special carbon groups, such as those with a large amount of peptidic and carbohydratic groups or with a low content of phenolic groups. In conclusion, the best growth promotion by application of AFEC was mainly attributed to the humic-like substances in the AFEC.