The ornamental stone industry generates large amounts of waste thus creating environmental and human health hazards. Thus, pastes with 0–30 wt.% ornamental stone waste (OSW) incorporated into ordinary Portland cement (OPC) were produced and their rheological properties, hydration kinetics, and mechanical properties were evaluated. The CO2 equivalent emissions related to the pastes production were estimated for each composition. The results showed that the paste with 10 wt.% of OSW exhibited similar yield stress compared to the plain OPC paste, while pastes with 20 and 30 wt.% displayed reduced yield stresses up to 15%. OSW slightly enhanced the hydration kinetics compared to plain OPC, increasing the main heat flow peak and 90-h cumulative heat values. The incorporation of OSW reduced the 1-, 3-, and 28-days compressive strength of the pastes. Water absorption results agreed with the 28 days compressive strength results, indicating that OSW increased the volume of permeable voids. Finally, OSW incorporation progressively reduced the CO2 emission per m3 of OPC paste, reaching a 31% reduction for the highest 30 wt.% OSW content. Overall, incorporating up to 10 wt.% with OSW led to pastes with comparable fresh and hardened properties as comported to plain OPC paste.