The concrete slurry waste (CSW) produced by concrete mixing plants is a type of hazardous waste that is difficult to handle. To better recycle the CSW separated from the aggregates, this study uses a variety of wet-grinding processes to refine the solid in it, replaces some of the cement with the solid particles in wet grinding concrete slurry waste (WCSW), and investigates the properties of WCSW and its effect on the hydration and hardening properties of cement. The results show that a suitable wet-grinding process can ensure that the particle size in WCSW is less than 10 μm, the particle morphology is more flat, and the degree of hydration is higher. The WCSW particles can promote early cement hydration; after adding WCSW, the heat release peak of cement hydration appears earlier and more early hydration products are produced, and with the increase in the substitution amount, the promoting effect on early cement hydration will be more significant. The WCSW particles have a great effect on improving the strength of mortar, especially in the early stage. At 1 d, when the substitution amount is 7.5 wt.%, the compressive and flexural strength is increased by 43.67% and 45.04%; this is related to the filling of matrix pores and the improvement of the interface transition zone by micro- and nanoparticles. After the wet grinding of CSW, fine WCSW particles are obtained, which can improve the performance of cement-based materials by replacing cement.