Material waste is one of the main reasons for the client to suffer due to increments in unnecessary costs. Among all construction material wastes, concrete waste highly draws expenses to the project stakeholders. As a main component in construction, the volume of the concrete waste in Sri Lankan construction projects are considerably high, when comparing with the other material wastes. Currently, most of the countries are moving towards the sustainable developments while minimizing concrete waste. Therefore, applying traditional practices to minimize concrete waste have not been successful over the years. The aim of this research study is, to minimize concrete wastes by implementing contemporary practices that assists to reduce the project cost in Sri Lankan construction industry. In order to achieve the aim, comprehensive literature review, a questionnaire survey and semi-structured interviews were conducted to gather data in both qualitative and quantitative procedures. The empirical findings revealed that concrete waste has a positive relationship with the project cost. Same time, discovered the drivers and barriers that gains while implementing contemporary practices in Sri Lanka. Concrete recycling, precast elements, lean construction techniques, value engineering methods and few more other contemporary practices were identified that leads to minimize concrete waste. The results from the interviews found that many projects are willing to implement mentioned contemporary practices within their construction projects although there are few barriers. These findings deliver a valuable evidence to the practitioners with an in-depth understanding about the essential necessity of contemporary practices to construction projects.