Every year, a massive amount of natural materials are subjected to high temperatures during cement production, resulting in 5% to 8% of total global carbon dioxide (CO2) emissions. The employment of supplementary cementitious materials (SCMs) for developing construction materials could reduce the use of natural materials and CO2 emissions during cement manufacturing. One option to accomplish this is to examine the possibility of producing masonry mortars using thermally treated waste concrete powder (WCP) and ground granulated blast furnace slag (GGBFS). The main objective of the present study is based on this. The study was conducted in two phases. In Phase I, WCP was thermally treated at various temperatures of 0 °C, 300 °C, 500 °C, and 700 °C and then used to prepare mortars at a binder-to-fine aggregate ratio of 1:3. From the strength results obtained in Phase I, a mortar mixture made with 500 °C WCP was selected for Phase II investigation. Mortars were produced by replacing the 500 °C WCP with GGBFS at 0%, 25%, 40%, 60%, 70%, and 85%. It was found that the performance of the mortars was enhanced when GGBFS was used up to 60%. The mortar mixture containing 60% thermally treated WCP and 40% GGBFS produced the optimal physical and mechanical properties. Also, material characterization was carried out on the binders using X-ray fluorescence, scanning electron microscopy, and thermogravimetric analysis. The results indicate that the thermally treated WCPs and GGBFS contain oxides similar to cement, making them suitable for mortar production. In conclusion, the study has shown the feasibility of producing masonry mortars using thermally treated WCP and GGBFS.