Incorporating waste to produce new environmentally friendly construction products has become one of the great challenges of the industry nowadays. The aim of this research is to analyse the behaviour of novel gypsum composites against water action, incorporating recycled rubber aggregates (up to 8.5% vol.) and dissolved expanded polystyrene (up to 10.0% vol.). To this end, a total of 10 dosages have been proposed with the progressive substitution of natural resources by these secondary raw materials. The results show how it is possible to reduce the total water absorption of the gypsum composites by up to 8.3% compared to traditional gypsum material. In addition, it is also possible to reduce water absorption by capillary by up to 52.7%, resulting in lighter composites with good performance against water action. In all composites analysed, the mechanical strengths exceeded the minimum values of 1 MPa in bending and 2 MPa in compression, making them an optimal solution for the development of lightweight prefabricated products for damp rooms.