This article reports on the revalorization of hemp waste from the textile industry, focusing on the development of new sustainable materials with high insulating properties. Wet-laid technology was used to manufacture nonwovens with different binding fibers, polylactic acid, and viscose fibers. The characterization of the acoustic insulating capacity was carried out using a Kundt tube, and the thermal insulating performance by measuring the heat transmission resistance ( R) and thermal conductivity ( λ). The results showed that the developed nonwovens have lower thermal conductivity values of about 0.027–0.034 W/(m K), were even lower than those of traditional thermal insulating materials, being the sample with 100 g/m2 of areal density and with a composition of 80% of hemp, 10% of polylactide and 10% of viscose the one with the lowest thermal conductivity (0.027 W/(mK). Their acoustic absorption capacity was around 0.76 at a frequency of 6 kHz, in samples containing high hemp waste (>80 wt%). However, the heterogeneous, discontinuous, and high void density structure that contributes to excellent insulating properties, lead to a decrease in their mechanical properties. This demonstrated that these materials are suitable for substituting traditional materials in insulating applications. Additionally, antifungal tests were carried out. However, hemp nonwovens proved to be inefficient against fungal proliferation.