The intricate composition of wastewater impedes the recycling of agricultural and industrial effluents. This study aims to investigate the potential of sisal leaf wastewater (SLW), both water-treated (WTSLW) and alkali-treated (ATSLW), as a substitute for the alkali activator (NaOH solution) in the production of slag-powder- and fly-ash-based composites, with a focus on the effects of WTSLW substitution ratios and sisal leaf soaking durations. Initially, the fresh properties were assessed including electrical conductivity and fluidity. A further analysis was conducted on the influence of both WTSLW and ATSLW on drying shrinkage, density, and mechanical strength, including flexural and compressive measures. Microstructural features were characterized using SEM and CT imaging, while XRD patterns and FTIR spectra were employed to dissect the influence of WTSLW substitution on the composite’s products. The results show that incorporating 14 wt% WTSLW into the composite enhances 90-day flexural and compressive strengths by 34.8% and 13.2%, respectively, while WTSLW curtails drying shrinkage. Conversely, ATSLW increases porosity and decreases density. Organic constituents in both WTSLW and ATSLW encapsulated in the alkaline matrix fail to modify the composites’ chemical composition. These outcomes underscore the potential for sustainable construction materials through the integrated recycling of plant wastewater and solid by-products.