Waste sediment generated during tunnel construction is applied to prepare synchronous grouting material, where the influences of fly ash, slag powder, and bentonite on the rheological properties (such as consistency, fluidity, setting time, drainage rate, and stone rate) are studied. The results show that adding fly ash content increases the initial consistency, setting time, and fluidity of grouting material, but also increases its drainage rate and decreases its stone rate. The addition of slag powder results in a slight increase in the setting time and fluidity of the grouting material, yet a decrease in the initial consistency value. In contrast, with the addition of bentonite, both the initial consistency and fluidity of the grouting material decrease. Finally, the optimal mix ratio of high-performance and low-cost grouting materials is fixed to be 30% fly ash, 50% slag powder, and 10% bentonite. Therefore, the fluidity of grouting material can be 170 mm, with an initial consistency of 122 mm, setting time of 1050 min, stone rate of 96.2%, drainage rate of 1.5%, and 28-day compressive strength of 8.3 MPa.