The scarcity of conventional aggregates with tremendous growth in highway construction and the indiscriminate dumping of industrial waste materials in precious landfills has become a huge global concern. This study is aimed at utilizing wastes from various industries, including coalmine overburden (OB) dump, basic oxygen furnace (BOF) slag, and fly ash to produce suitable and sustainable cement-treated subbase/base course layers (CBSB/CTB) for flexible pavement construction. Response surface methodology was used to optimize the composition of the blended material considering unconfined compressive strength (UCS) and Poisson's ratio. Results demonstrated that 50% OB dump, 40% slag, 5% fly ash, and 5% cement achieved a 7-day UCS of 4.84MPa and Poisson's ratio of 0.25, in line with IRC:37-2018 guidelines. X-ray diffraction (XRD) and field emission scanning electron microscope (FESEM) analysis confirmed the presence of ettringite crystals, calcium-silicate-hydrate (C-S-H), and calcium-aluminosilicate-hydrate (C-A-S-H) gels which are the source of strength development in the blend. Further, a soaked California bearing ratio (CBR) of 136.08% and flexural strength of 2.06MPa after 7days and 28days of curing, respectively, demonstrates the overall strength of the stabilized waste. Approximately 4% weight loss was observed after wet-dry durability tests, indicating exceptional performance of the optimal blend in inclement weather conditions. Furthermore, the environmental impact of the blended material was studied through a leaching study. Fly ash had a high zinc (Zn) level, while BOF slag showed a rich concentrationof chromium (Cr), manganese (Mn), and iron (Fe) in the acid digestion test. In spite of this, the toxicity characteristics leaching procedure (TCLP) test indicated that the levels of heavy metals that leached from the stabilized material stayed considerably below the permissible limits set forth in Indian Standard, IS:10500 (2012). Finally, cost analysis showed a 51.6% reduction in construction cost with cement-treated industrial wastes instead of granular base/subbase made with conventional aggregates. The study recommends the suitability of the stabilized waste material as an alternate construction material for large-scale field applications, which could encourage the construction of flexible pavements that are environmentally benign, economical, and sustainable.