Alkali-activated concrete (AAC) could be a solution to use a cement-less binder and recycled materials for producing concrete reducing the carbon dioxide emission and the demand for raw materials, respectively. In addition to the environmental aspect, AACs can achieve mechanical characteristics higher than those of ordinary Portland concrete (OPC) but also an improvement of the thermal insulation capacity. Despite the positive results available in the scientific literature, the use of AACs in construction practice is still limited mainly due to the absence of codification for the mix design and consequently of specific design rules. In this paper, AAC produced by ground-granulated blast-furnace slag (GGBFS) and silica fume is investigated for the production of structural elements and to discuss the reliability of formulations for evaluating mechanical properties, necessary for structural design. The mechanical strengths (compression strength, tensile strength, flexural strength) are evaluated by experimental tests according to different curing times (7, 14, 28, 90 days) in ambient conditions and the thermal conductivity is measured to understand the effect that the material could have on thermal losses for a sustainable building perspective. The results showed that AAC strengths depend on the curing time and the exposure conditions, and the insulation properties can be improved compared to the traditional Portland cement with the proposed composition.