This study investigates the feasibility of co-firing fly ashes from different boilers, circulating fluidized beds (CFB) or stokers as a sustainable material in alkali activators for ground granulated blast-furnace slag (GGBS). The mixture ratio of GGBS and co-firing fly ashes is 1:1 by weight. The results indicate that only CF fly ash of CFB boilers can effectively stimulate the potential characteristics of GGBS and provide strength as an alkali activator. CF fly ash consists of CaO3 (48.5%), SiO2 (21.1%), Al2O3 (13.8%), SO3 (10.06%), Fe2O3 (2.25%) and others (4.29%). SA fly ash consists of Al2O3 (19.7%), SiO2 (36.3%), Fe2O3 (28.4%) and others (15.6%). SB fly ash consists of Al2O3 (15%), SiO2 (25.4%), Zn (20.6%), SO3 (10.9%), Fe2O3 (8.78%) and others (19.32%). The mixtures of SA fly ash and SB fly ash with GGBS, respectively, were damaged in the compressive strength test during seven days of curing. However, the built up strength of the CF fly ash and GGBS mixture can only be maintained for 7–14 days, and the compressive strength achieves 70% of that of a controlled group (cement in hardening cement paste). The strength of blended CF fly ash and GGBS started to decrease after 28 days, and the phenomenon of ettrigite was investigated due to the high levels of sulfur content. The CaO content in sustainable co-firing fly ashes must be higher than a certain percentage in reacting GGBS to ensure the strength of blended cements.