The efficient resource utilization of industrial solid wastes, such as ground granulated blast-furnace slag (GGBS) and coal gangue (CG), is essential for sustainable development. However, their activation commonly depends on expensive and corrosive chemical alkalis. This study proposes a solution by developing a fully waste-based cementitious material using calcium carbide slag (CS), another industrial residue, as an eco-friendly alkaline activator for the GGBS-CG system. The influence of CS dosage (0–20 wt%) on hydration evolution and mechanical properties was examined using uniaxial compression testing, X-ray diffraction (XRD), Fourier-transform infrared spectroscopy (FTIR), and scanning electron microscopy (SEM). The results indicated that a CS dosage of 10 wt% yielded the highest compressive strength, reaching 10.13 MPa—a 16.5% improvement compared to the 20 wt% group. This enhancement is ascribed to the formation of hydrotalcite (HT) and calcium silicate hydrate (C-(A)-S-H) gel, which densify the microstructure. In contrast, higher CS contents led to a passivation effect that restrained further reaction. This work offers a practical and theoretical basis for the development of low-carbon, multi-waste cementitious materials and presents a promising strategy for large-scale valorization of industrial solid wastes.