With the ever-increasing trend of incorporation of various wastes into building materials, monitoring the potential rise in the radioactive load due to used waste is needed. This paper presents the results of our investigation into the radioactivity of cement mortars of various percentage of granulated blast furnace slag (GBFS). The calculated gamma indexes, Iγ, reached 0.19–0.22 and thus did not exceed, in case of any sample, the required level (Iγ = 1) for bulk materials. Indoor gamma absorbed dose, D, ranged from 41.08 to 47.80 nGy/h being lower by 47% than the world average ones are. The excess life cancer risk, ELCR70, obtained for the cement mortars ranged from 0.71 × 10−3 to 0.82 × 10−3 with the average value of 0.75 × 10−3. Linear correlation between the GBSF content and ionizing radiation was found for 226Ra radionuclide, while polynomic correlations have been found for the mass activities of 232Th and 40K radionuclides and the GBSF amount in the cement sample. Findings revealed that the overall 226Ra mass activity of the composite could be predicted based on the measurement of the mass activities of the individual input components.