In the oil and gas industry, cementing is a very important process to maintain the stability of the well. The cement can provide an effective plug against fluid movement and at the same time supports the casing and formations. Based on the operation conditions, different types of additives are used to make the cement slurry, and incorporation of a new additive considerably affects all properties of the cement slurry and the solidified sheath. In this work, lab experiments were performed to investigate alteration of the Saudi Class G cement properties after incorporation of olive waste into the slurry, and the possibility of replacing the commercial retarder with olive waste was also studied in this work. Five samples with different olive waste content were prepared, and their rheological characteristics, thickening time, mechanical properties, and permeability were evaluated after 24 h of curing at 95 °C. The results indicated that olive waste could replace the use of a commercial retarder. The incorporation of olive waste did not affect the cement plastic viscosity, while the yield point, 10 s, and 10 min gel strengths of the cement were considerably increased with the increase in the olive waste content. The cement compressive strength was also increased with the incorporation of olive waste of a maximum of 0.375%, and the permeability decreased with the addition of a maximum of 0.25% olive waste.