In this study, graphite tailings produced in Luobei County, Heilongjiang Province, were used as a sustainable aggregate to replace river sand (0%, 25%, 50%, 75%, 100%) in UHPC for the preparation of ultra-high-performance concrete (UHPC). The experimental results showed that the incorporation of 75% graphite tailings caused a significant increase in the wet bulk density of UHPC mortar. The workability of UHPC decreased monotonically with the increase in graphite tailing substitution rate, and wet bulk density decreased by 28.42% with 100% graphite tailings (compared with no graphite tailings). The incorporation of 75% graphite tailings helped to improve the compressive and flexural strengths as well as the durability of UHPC. Compared with the UHPC without graphite tailings, the 28 d compressive and flexural strengths increased by 8.82% and 7.28%, respectively, and the chloride ion electrical flux decreased by 19.49%. XRD and thermogravimetric analysis data indicate that the incorporation of graphite tailings did not change the type of hydration and that the incorporation of graphite tailings helped to increase the degree of hydration within the UHPC matrix. MIP and SEM showed that 75% graphite tailings helped to reduce the porosity and the number of harmful pores inside the matrix. The 100% graphite tailings treatment replacing river sand decreased the economic cost of UHPC by up to 23.78%.