Calcium aluminate cement, in which katoite (KT) is the main binder, has garnered significant attention for its resistivity against aggressive environments. Despite its impressive durability, the production of this cement is costly and generates a substantial CO2 emission. Therefore, the objective of this study was to develop an eco-friendly KT-based binder using exchange reaction between sodium aluminate (NaAlO2) solution and dolomite waste powder. The performance of KT-binder was evaluated by measuring compressive strength, drying shrinkage, bulk density, and porosity. The phase composition and microstructural changes were also investigated by XRD, TG/DTG, FT-IR, and SEM/EDS techniques. The resulting hardened materials exhibited 28-day compressive strengths ranging from 5 MPa to 50 MPa and contained primarily katoite Ca3Al2(OH)12, along with pirssonite Na2CO3·CaCO3·2H2O, thermonatrite Na2CO3·H2O, and aluminum hydroxide Al(OH)3 phases. EDS mapping indicated that only a small amount of Mg2+ was present in the katoite phase, suggesting that the alkalinity and atomic radius difference between Ca2+ and Mg2+ were the main factors. Altering the content of concrete waste (CoW) in the cementitious system within the range from 10 to 50 wt% leads to an improvement in compressive strength and a reduction in both pore volume and drying shrinkage of NaAlO2-DW mixture. Conversely, perlite waste (PW) shows an opposite trend despite its high amorphicity. The presence of highly water-soluble thermonatrite, which is a byproduct of the cationic exchange reaction, is responsible for the low water resistivity of the prepared binder. As a result, more research is needed to tackle this problem.