The variability of the properties of commercial hydrated limes compromises the technological performance of multi-purpose mortars, especially due to differences in the degree of hydration, chemical composition, specific surface area, and particle size distribution. Given this context, this study investigated the influence of these physicochemical characteristics on the behavior of multi-purpose mortars produced with a 1:1:6 mix ratio (cement:lime:sand). Four commercial limes used in the northern region of Rio de Janeiro state were analyzed. The samples were subjected to physicochemical characterization techniques, including thermogravimetric analysis, X-ray diffraction, energy dispersive spectroscopy, determination of specific surface area by the BET and Blaine methods, laser particle size analysis, helium pycnometry, and scanning electron microscopy. The mortars were evaluated in their fresh state and in their hardened state after 28 days, considering parameters of water demand and retention, capillary absorption, and mechanical strength. The results showed significant variation among the limes analyzed, with degrees of hydration between 65 and 90%, BET surface areas from 1.21 to 4.15 m²/g, Blaine values between 1,682 and 13,571 cm²/g, and median diameters ranging from 9.46 to 99.67 μm. Analysis of the results indicated that the degree of hydration, although relevant, did not show a consistent correlation when considered in isolation in relation to the performance of the mortars. The physical characteristics, particularly the specific surface area and particle size distribution, were associated with the observed behavior, influencing water demand, water retention, and capillary absorption. Increases in the flexural and compressive strengths of mortars with added lime were also observed. Microstructural analysis indicated denser and more homogeneous matrices, associated with refinement of the porous structure. The results reinforce the importance of the physical-chemical characterization of commercial limes as a tool for understanding and controlling the technological performance of mortars, contributing to a more careful selection of the materials used.