This study explores the utilization of calcium- and magnesium-rich pulp mill residues, i.e., green liquor dregs (GLDs), as an activator for ground granulated blast furnace slag (BFS). The aim of this study is to examine the potential of this unutilized residue when used as a part of alkali-activated materials (AAMs) and in this way enhance the exploitation of GLD. This study focuses on the fresh- and hardened-state properties of the produced paste and mortar samples, where 70% of BFS and 30% of GLD have been incorporated. Two different-sourced and thermally pretreated (105 °C, 300 °C, and 525 °C) GLDs have been used. The effect of thermal treatment on the utilization possibility of GLDs with respect to viscosity, setting times, reactivity, mineralogy, and microstructure is analyzed using the paste samples, while its effect on workability, and strength gain is measured using the mortar samples. Results show that both GLDs enhance the hydration of BFS and that the early-age hydration and strength increase when the GLDs have undergone pretreatment at the highest temperature (525 °C). However, at the later age (28 days), the samples activated with the GLDs treated at 300 °C achieve the highest strength. The addition of both GLDs treated at any temperature increases the viscosity of the composite samples and reduces their workability; however, it should be noted that optimization of water to binder ratio was not the objective of this study. The results of this study show that GLD, previously considered unreactive, can potentially become a reactive component of AAMs.