Mullite ceramic-based porous aggregates, known for their high strength and closed porosity, are widely utilized in engineering. This study successfully prepared mullite-ceramic-based porous aggregates from low-voltage electroceramics waste, investigating the impact of pore-forming agents, bauxite chamotte, and sintering temperature on the physical properties and cold compressive strength. Finally, a mechanism of closed and open pores formation was proposed. The results show that when 10 wt% activated carbon was added, enhanced particle dispersion and stability in apparent porosity, bulk density, and diameter shrinkage ratio were observed, with an optimal range of activated carbon addition identified at around 10.0 wt%. Furthermore, increasing bauxite chamotte addition from 5.0 wt% to 15.0 wt% at 1000°C promoted mullite nucleation, facilitating mullite crystal formation and reducing the relative content and viscosity of the liquid phase. This led to increased apparent porosity, reduced closed porosity, and a decrease in average pore size. However, stress concentration around surface pores resulted in reduced cold compressive properties. The sintering temperature was then increased from 900°C to 1200°C using 10.0 wt% activated carbon and 15 wt% bauxite chamotte, leading to changes in crystallinity and porosity. At 1100°C, isolated islands of the liquid phase between grain boundaries resulted in the highest cold compressive strength and bulk density, while further heating to 1200°C led to a reduction in these properties due to excess liquid phase filling grain boundaries. The formation of closed and open pores is primarily influenced by changes in sintering temperature, which affect the quantity, viscosity, and flowability of the aluminum-silicon liquid phase.