Microbial-induced calcium carbonate precipitation (MICP) can enhance the physical properties of recycled aggregates. Compared to traditional technologies, MICP offers environmental benefits and produces no pollution. However, its mineralization efficacy is significantly influenced by the process parameters. To investigate this, an MICP mineralization test was conducted by manipulating various process parameters throughout the mineralization process. The water absorption rate, apparent density, and calcium carbonate content of the mineralized recycled aggregates were assessed to discern the impact of these parameters on the mineralization outcome. Further analysis using techniques such as thermogravimetric analysis (TG), X-ray diffraction (XRD), nuclear magnetic resonance (NMR), and scanning electron microscopy (SEM) were employed to elucidate the mineralization mechanism of the recycled aggregates at a micro-level. The findings indicated that the MICP treatment induced bacteria to precipitate CaCO3, forming calcite crystalline CaCO3 within the pores and microcracks. This led to a denser interfacial transition zone and, consequently, improved the physical properties of the recycled aggregates. Optimal mineralization was achieved when the bacterial solution concentration was 1.4, the temperature and pH were 35 °C and 9, respectively, and the urea concentration, Ca+ concentration, and mineralization time were 0.5 mol/L, 0.5 mol/L, and 7 days, respectively. Under these conditions, the mineralized recycled aggregate exhibited a 16.07% reduction in water absorption, a 1.07% increase in apparent density, and a 2.28% change in mass.