Recently, interest in sustainable development has been increased. In this regard, efforts have been made to prevent environmental pollution, and research on the recycling of construction industry byproducts has been actively conducted in the construction industry. In South Korea, about 20 million tons of waste wash water from the ready-mixed concrete production process are generated, and some of them are recycled using recycling facilities in a ready-mixed concrete plant, but a significant portion of them is discharged or landfilled without permission, causing environmental problems. To increase the recycling rate of steel slag and reduce environmental pollution in the construction industry, we simultaneously applied blast furnace slag fine aggregate (BSFA) and recycled water (RW) to cement mortar. In this study, to examine the feasibility of RW and BSFA, we evaluated the fluidity, compressive strength, tensile strength, drying shrinkage, carbonation depth, and chloride penetration resistance of cement mortar using RW and BSFA. From the test results, the 28-day compressive strengths of all samples using RW and BSFA were higher than that of the control sample. In the case of samples using RW, as the BSFA replacement ratio was increased, the carbonation depth of the samples decreased. Therefore, when RW and BSFA are used properly, the mechanical properties of cement mortar, carbonation resistance, and chloride ion penetration resistance are expected to be effectively improved.