The construction industry’s environmental impact has become a growing concern, largely due to the energy-intensive production of conventional building materials. This paper explores the potential of wood–cement composites as a more sustainable alternative through a comprehensive literature review, including a bibliometric and scientometric analysis of research trends. Our analysis traces the evolution of wood–cement composites from early studies focused on mechanical properties, to recent investigations into their environmental benefits and practical applications. Key findings suggest that optimal performance can be achieved by treating wood with tetraethyl orthosilicate, incorporating additives like cellulose nanocrystals or wollastonite, and using wood from species such as Pinus. While partial cement replacement with wood waste and ash offers significant environmental advantages, precise formulations are needed to maintain structural integrity. This study also acknowledges certain methodological limitations, such as the reliance on keyword-based filtering, which may have excluded some relevant studies. Future research should address long-term durability, economic feasibility, and standardized testing methodologies to facilitate the adoption of wood–cement composites in the construction industry. These materials, particularly suitable for non-structural applications and insulation, hold promise as viable, eco-friendly building solutions capable of reducing the construction industry’s carbon footprint.