To support the achievement of the carbon peaking and carbon neutrality goals and promote the resource utilization of industrial solid waste, a ternary solid waste composite cementitious material was prepared by blending ground granulated blast-furnace slag (GGBFS), fly ash (FA), and carbide slag (CS) with cement. The optimal mix ratio was determined through single-factor experiments and response surface methodology. The synergistic hydration mechanism was elucidated using microstructural characterization techniques, including XRD, FTIR, TG-DTG, and SEM. The composite material was then applied to a semirigid base course, and its mechanical properties and durability were systematically evaluated. The results indicate that the optimal levels of FA, GGBFS, and CS investigated in the single-factor experiments are 20–40%, 30–50%, and 2–6%, respectively. The optimal mix ratio of the ternary solid waste composite is 21.0% FA, 36.3% GGBFS, and 5.7% CS. The underlying microstructural mechanism is that carbide slag creates a highly alkaline environment, which activates the pozzolanic activity of GGBFS and fly ash, leading to the formation of hydration products dominated by C-(A)-S-H gel. With increasing curing age, the gel structure evolves from a loose and disordered state to a dense and ordered state, ultimately forming a compact microstructure based on a highly polymerized C-(A)-S-H gel matrix. The 7-day unconfined compressive strength of the stabilized gravel using the solid waste-based composite cementitious material reached 5.93 MPa, and the 28-day drying shrinkage coefficient was reduced by 18.3% compared with that of cement-stabilized gravel. After 18 freeze–thaw cycles, the compressive strength increased by 2.4%, with the pore structure characterized by a “macropores decreasing, micropores increasing” refinement pattern. After 18 wetting–drying cycles, the cumulative strength loss was 11.26%, outperforming cement-stabilized gravel. Combined with SEM observations, these performance improvements are attributed to the densely intertwined hydration products, particularly C-S-H gel, which effectively fill the voids between aggregate particles and significantly enhance the volume stability, freeze–thaw resistance, and wetting–drying durability of the stabilized gravel. The application of this cementitious material in a semirigid base course demonstrates excellent mechanical and durability properties, providing a theoretical basis and technical support for the widespread application of industrial solid waste in road engineering.