In the search of more environmentally-friendly construction materials, the use of natural-based fibers has gained much attention as reinforcement in the inorganic-based matrix. In this paper, the nonwoven flax fabric reinforced lime composites are created using a dewatering technique, and the serviceability parameters –thermal conductivity, sound absorption coefficient, and residual flexural resistance after exposure to elevated temperature– are determined experimentally. The tests are carried out on two different lime composites prepared under two distinct curing regimens, i.e., accelerated carbonation in a CO2 chamber and natural carbonation in laboratory conditions, to evaluate the effect of forced carbonation. In addition, the experimental results of the serviceability parameters are included in the MIVES model (Integrated Value Model for Sustainability Assessment) to evaluate the social sustainability of the developed material as an interior drywall panel. MIVES, a type of multi-criteria decision-making method, is based on the value function concept and seminars with experts. According to the results of experimental tests, the accelerated cured sample has higher thermal conductivity (∼4 times) and lower sound absorption coefficients (∼20%) than the naturally cured one. Nonetheless, the flexural performance of the former is 50% (at room temperature) and 100% (at elevated temperature) better. As for the social sustainability index assessed by the MIVES-based multi-objective approach, it ranges between 0.65 and 0.75 (out of 1.0) for both lime composite panels, at least 20% higher than the control lime panel with no reinforcement. The sustainability model designed for this research can be used for assessing the social sustainability performance of other materials although the weights assigned by the experts could be adapted to reflect the perceptions and local preferences.