The treatment and resource utilization of sludge from municipal sewage treatment plants is an important environmental issue. Cement kiln co-processing offers a promising solution, but challenges remain, particularly regarding sludge properties and feasibility in kiln systems. This study analyzes the characteristics of three pretreated sludges: mechanically dewatered sludge, deeply dewatered sludge, and lime-dried sludge. Using techniques such as thermogravimetric analysis (TGA) and X-ray diffraction (XRD), this study investigates their calorific values and raw material utilizability in co-processing. As the sludge moisture content decreases from interstitial to bound water, energy consumption per ton of evaporated water rises, particularly below 30%. At 10 °C/min heating, energy consumption for mechanically dewatered sludge at 80%, 30%, and 10% moisture was 3573, 8220, and 34,751 kJ/kg, respectively; for deeply dewatered sludge at 60%, 30%, and 10%, the values were 4398, 7550, and 11,504 kJ/kg. Keeping moisture content above 30% before kiln entry reduces energy use and enhances calorific value. Sludge utilizability as a raw material depends on its pretreatment. The ash composition of deeply and mechanically dewatered sludge resembles iron-rich raw materials, while lime-dried sludge aligns more with limestone. The utilizable ash content was 23.3%, 8.1%, and 46.3%, respectively, with lime-dried sludge showing the highest potential. This study provides insights into sludge properties and their co-processing potential in cement kilns, offering scientific and technical support for practical applications.