This work analyses the influence of fine concrete fractions (<5 mm) of different natures —calcareous (HcG) and siliceous (HsT)—obtained from construction and demolition waste (C&DW) on the behaviour of blended cement pastes with partial replacements between 5 and 10%. The two C&DW fractions were characterised by different instrumental techniques. Subsequently, their lime-fixing capacity and the physico-mechanical properties of the blended cement pastes were analysed. Lastly, the environmental benefits of reusing these fine wastes in the manufacture of future eco-efficient cement pastes were examined. The results show that HsT and HcG exhibit weak pozzolanic activity, owing to their low reactive silica and alumina content. Despite this, the new cement pastes meet the physical and mechanical requirements of the existing regulations for common cements. It should be highlighted that the blended cement pastes initially showed a coarser pore network, but then they underwent a refinement process between 2 and 28 days, along with a gain in compressive strength, possibly due to the double pozzolanic and filler effect of the wastes. The environmental viability of the blended cements was evaluated in a Life Cycle Assessment (LCA) concluding that the overall environmental impact could be reduced in the same proportion of the replacement rate. This is in line with the Circular Economy goals and the 2030 Agenda for Sustainable Development.