The use of alkali-activated materials as an environmentally friendly binder to solidify construction and demolition waste residue (CDWR) for building block production can promote the recycling of CDWR and advance the sustainability of masonry materials. In this study, a new alkali-activated material (NAAM) based on waste brick powder was proposed and used to solidify CDWR. The effects of different components on the micro-structure, mechanical strength, and physical properties of the specimen at different curing ages were investigated. The results showed that the micro-structure of the specimen became more compact with the increase in curing age, and a large number of different shapes of C-S-H gels, ettringite, and other cementitious products were generated. The water-retaining agent regulated the water content in the specimen, thereby increasing the compressive strength of the specimen in the later stage. In contrast, the influence of the activator on the compressive strength was significant before 28-day. An increase in the content of gypsum and lime reduced the water content of the specimen and positively affected the compressive strength in the early stage. In this study, the specimens exhibited good mechanical properties with a compressive strength of approximately 10.18 MPa at 28-day.