The overall amount of construction and demolition waste (CDW) is steadily increasing due to urbanization-related phenomena in metropolitan cities. Only a small fraction is recycled to produce new concrete, a practice that would avoid the exploitation of natural aggregates. Furthermore, the Portland cement production process causes the release of high values of CO2 emissions into the atmosphere, increasing the global warming potential. For these reasons, materials alternative to ordinary Portland cement (OPC) are becoming more and more widespread, such as alkali-activated materials, which, when used with recycled aggregates, could become environmentally friendly substitutes for traditional concrete. During this study, various mix designs were formulated for alkali-activated metakaolin mortars containing recycled concrete aggregates. Their properties in the fresh and hardened states were analyzed. The main problem encountered was the presence of the adhered mortar layer on the recycled concrete aggregate. This layer not only caused a detrimental effect deriving from the increase in open porosity but also activated competitive reactions which partially compromised the alkali activation of metakaolin. All these phenomena deteriorated the final compressive strength of the composites containing recycled aggregates, which after 28 days, was around 20 MPa for samples with 12.5% of replacement of natural aggregate and 15 MPa for those with 25% of replacement, corresponding to a reduction of 35% and 50% compared to the standard sample without replacement, respectively.