Waste concrete is a large amount of solid waste produced in the process of urban construction and renewal in China. Its resource utilization is of great significance for saving mineral resources and improving urban environmental quality. The present study was designed to investigate the effects of mechanical grinding time on the particle size distribution and activity of recycled waste concrete powder (RWCP). Combined with unconfined compressive strength, slump, electric flux and chloride ion penetration resistance tests, the effects of RWCP on the mechanical properties, working performance and impermeability of concrete were analyzed, and the phase and microstructure of concrete containing RWCP were analyzed by XRD and SEM. The results showed that the RWCP is mainly composed of quartz, gismondine, C2S, cancrinite and portlandite. The optimum activity of RWCP obtained by ball milling for 45 min was 44.41%. RWCP can improve the fluidity of concrete and shorten the initial setting time of concrete. When the blast furnace slag in the concrete was replaced by the RWCP, the early strength and impermeability of the concrete decreased. When RWCP replaced blast furnace slag by 69.1%, the UCS of the concrete at 1, 3, 7, and 14 d decreased from 9.56, 22.1, 34.1, and 41.2 MPa to 5.9, 14.5, 22.7, and 33.2 MPa, respectively. While RWCP replaced fly ash, the normal strength of concrete increased with the increase in fly ash replacement amount. When RWCP completely replaced FA in concrete, the 28-day strength of the concrete increased from 45.2 MPa to 50.8 MPa. The impermeability results showed that the appropriate substitution of RWCP for fly ash was beneficial to increase the impermeability of concrete while excessive substitution reduced. Based on these results, the RWCP has the potential for large-scale application in the preparation of concrete.