In this study, the effect of limestone content on the mechanical performance and the heat of hydration of ordinary Portland cement (OPC) was investigated. Changes in the phase assemblage were analyzed through XRD and thermodynamic modeling. The purpose of the study was to identify the optimal limestone content in OPC. As a result of the experiment, all samples were found to have equal fluidity. Increasing the limestone content accelerated the hydration of the cement before approximately 13 h and shortened the setting time due to the acceleration of the initial hydration reaction. The compressive strength of the cement mortar showed a dilution effect, with lower compressive strength compared to the reference sample at an early age, but it gradually recovered at a later age. This is because, as shown in the XRD and thermodynamic modeling results, the carboaluminate phases formed due to the chemical effect of limestone contributed to the development of compressive strength. As a result, within the scope of this study, it is believed that maintaining the limestone content in OPC within 10% is optimal to minimize quality degradation.