Recently, controlled low-strength material (CLSM) has been considered an easy-to-mix material, and the raw material is usually derived from solid waste, suggesting lower production costs. Moreover, the resource utilization of waste fosters the sustainable advancement of both society and the environment. In the present work, a CLSM with excellent performance was developed by adopting fly ash, bottom ash, desulfuration gypsum, and cement as the main cementitious materials, as well as gasification coarse slag and coal gangue as aggregates. An orthogonal experiment with three factors and three levels was designed according to the ratio of cement to binder, the contents of water, and the water-reducing agent. Further, the macroscopic properties of flowability, dry density, bleeding, compressive strength, fresh density, porosity, and absorption rate of the CLSM mixtures were tested. To optimize the CLSM proportion, the ranges of three indicators of CLSM were calculated. Experimental results manifested that the fresh and dry densities of the mixtures were within the range recommended by ACI 229. The optimal levels of cement−binder ratio (i.e., the ratio of cement to binder), water content, and water-reducing agent content are 0.24, 248 kg·m–3, and 0.80 kg·m–3, respectively. Under this condition, the flowability was 251 mm, the bleeding was 3.96%, and the compressive strength for 3 d, 7 d, and 28 d was 1.50 MPa, 3.06 MPa, and 7.79 MPa, respectively. Furthermore, the leaching values of eight heavy metals in CLSM and raw materials were less than the standard requirements, indicative of no leaching risk.