The article deals with the shrinkage of a cement composite with various contents of waste micronized limestone powder with a fraction size of 0-63 μm and crushed limestone with a fraction size of 0-2 mm. Waste micronized powder is produced by high-speed grinding of marble sludge. The difference in shrinkage of various mixtures has been described by means of structural analysis. Electron microscopy has been used for this analysis. Mixtures with 10 wt. % of cement and various ratios of micronized marble powder to crushed limestone (1: 1; 1: 2; 2: 1; 1: 0) were investigated. The increasing amount of waste micronized powder adversely affects the shrinkage of the cement composite. This effect is caused by the increasing water–cement ratio for the purpose of achieving the same workability of the mixture.