An alkali-activated slag binder based on biochar was developed in this research. The biochar was produced from waste wood and is referred to as biochar waste (BW). In the alkali-activated slag system, a small amount of biochar (up to 0.5%) was used as an additive, and a larger amount (from 1% to 25%) was used as a filler. The influence of the biochar powder on compressive strength was determined. The hydrated samples were investigated using X-ray diffraction (XRD) analysis and scanning electron microscopy (SEM), and the thermal, acoustical properties, and hydration temperature were also determined. The compressive strength of the alkali-activated slag composite, especially after 7 days, was found to increase slightly due to the introduction of a small amount (0.05–0.5%) of BW powder. The powder in the alkali-activated slag matrix was distributed homogenously, resulting in a reduction in the crack propagation. A larger amount of BW led to a non-homogeneous distribution, and this resulted in a gradual reduction in compressive strength with increasing BW. The highest values of compressive strength at 28 days of hydration (44.4 MPa) were recorded for samples with 0.25% of BW. According to mathematical analysis methods, the compressive strength is mainly influenced by the specific surface area of the initial mix ingredients and the amount of BW additive. In the alkali-activated slag matrix, BW acted as an inert micro-filler, with the dilution effect possibly being the reason for the decrease in the hydration temperature. SEM analysis demonstrated that the BW had a good adhesion with the alkali-activated slag matrix. The thermal and acoustic insulation performance of samples with BW improved. These investigations suggest that BW can be successfully incorporated in alkali-activated material, resulting in low thermal conductivity and adequate acoustic insulation performance.