Industrial solid waste is characterized by complex mineral phases and various components. Low-carbon cementitious materials can be prepared through precise regulation based on the material composition and properties of various industrial solid wastes. In this study, electrolytic manganese residue (EMR), carbide slag (CS), and granulated blast-furnace slag (GBFS) were used as alternatives to cement to prepare multicomponent solid waste cementitious materials. The effects of the proportions of EMR and CS on the cementitious activity of GBFS and the activation mechanism of alkali and sulfur were studied. The results showed that with increasing EMR content, the strength first increased and then decreased. At a GBFS content of 20%, CS content of 2%, and EMR content of 8%, the compressive strength was highest, reaching 45.5 MPa after 28 days of curing, mainly because the OH− in CS and SO42− in EMR synergistically stimulated the active components in GBFS. Hydrated products such as ettringite and hydrated calcium silicate (C–S–H gel) were generated and interlaced with each other to improve the densification of the mortar. Overall, the proposed system provides an avenue to reduce or replace the production of cement clinker and achieve the high-value-added utilization of industrial solid waste.