Fine recycled concrete aggregate (FRCA) possesses substantial limitations for its use due to its significant porosity. Extensive research on the effect of carbonation on the accessible porosity of coarse recycled concrete aggregate is available in the literature, but FRCA information is scarce. The present paper presents results of the effect of carbonation on different fractions of FRCA from <0.125 mm to 4 mm previously sprayed with wastewater from mortar production as an additional source of portlandite. The results of water absorption via the electrical conductivity method, TGA, XRD+Rietveld+PONKCS analysis, EDS mapping, and Life Cycle Assessment (LCA) demonstrate that the efficiency of the treatment depends on the particle size range of the FRCA. It was most effective for the extreme size fractions <0.25 mm and >1 mm of FRCA as a result of the relationship between the amount of precipitated calcium carbonate and the initially accessible porosity in each fraction. As a consequence, mortar produced with 30% replacement of natural sand with carbonated FRCA showed no impact on compressive strength.