Production and usage of green and sustainable building materials realizes the desire to integrate more biodegradable, natural, recycled, and renewable resources into the construction industry. The aim is to replace traditionally available construction industry materials due to their environmental impacts through air emissions and waste generation. An observed trend is the production of insulation materials by recycling of industrial, agriculture, construction and demolition (C&D), and municipal solid wastes, thus reducing the environmental burdens of these wastes. While thermal insulation is important in saving energy, sound insulation has drawn much attention in recent years. There are various waste materials that have good thermal and sound properties, enabling effective replacement of traditional materials. This review investigates the use of industrial, agricultural, C&D, and municipal solid wastes to produce innovative thermal and acoustic insulating building materials. The performance of these insulating materials, and the influence of several materials parameters (density, thermal conductivity, sound absorption coefficient) on thermal and acoustic performance are reported after a brief description of each material.