There is currently a growing need for sustainable and environmentally friendly materials. One promising candidate is hemp shiv, which is considered waste material. hemp shiv exhibits lightweight properties and high insulation capabilities. This study focuses on the development of a material based in hemp shiv, recycled cardboard fibers is used as binder material, with the addition of a vegetable coating (colophony and arabic gum) for moisture protection and citric acid to enhance cellulose crosslinking. Thermal insulation properties were assessed measuring the heat transfer through the material. Acoustic insulation properties were evaluated using a Kundt tube within a frequency range of 100–6500 Hz. Mechanical tests, including compression, shear, and bending, were performed to assess the material’s strength. Additionally, moisture and fire resistance properties, as well as microstructure analysis, were examined. The influence of citric acid in the cellulose crosslinking was verified using FTIR-ATR spectroscopy. Results demonstrated that a higher percentage of hemp shiv content led to improved insulation performance, achieving attenuation values greater than 0.85–0.95 dB/dB and a thermal conductivity of 0.02–0.03 W/m K. These findings indicate a great performance compared to commercial materials. The coating shields the material from external factors. It was observed that the citric acid does not react with hemp shiv.