In the current investigation is presented the prospective substitution of cement and fine aggregates with fine slag material (Alccofine 1203) and coal bottom ash, respectively. The investigation was carried out in two steps, viz. Phase I and Phase II. In Phase I, a control mix was designed with basic ingredients of concrete, and then fine aggregates were partially replaced with five percentages (10%, 20%, 30%, 40% and 50%) of coal bottom ash (CBA). To improve the characteristics of coal bottom ash concrete mixtures, ultra-fine slag material, i.e., Alccofine 1203 (an innovative ultra-fine slag material, low calcium silicate, which offers reduced water demand depending upon the concrete performance) was used as a partial replacement of cement. In Phase II, the inspected effect of replacing 5%, 10%, 15% and 20% cement with Alccofine, a concrete mix containing 40% coal bottom ash, on concrete properties such as workability, compressive strength, split tensile strength, flexural strength, pulse velocity, rapid chloride penetration along with a microstructural analysis using SEM was studied. It was concluded from cost analysis that the 15% replacement of cement with ultra-fine material Alccofine in 40% coal bottom ash concrete achieved the properties of high-strength concrete, with an 8.14% increase in cost compared to the control increase. The significance of this work lies in the fact that we achieved a high-strength concrete by using 40% industrial waste, i.e., coal bottom ash, as a partial replacement of fine aggregates in combination with the 15% Alccofine inclusion as a partial replacement of cement. About 58% improvement in compressive strength was recorded for 40% coal bottom ash and 15% Alccofine mix.