This study investigates the potential of three waste-derived supplementary cementitious materials (SCMs)—volcanic ash (VA), eggshell (ES), and rice husk ash (RHA)—as partial replacements for ordinary Portland cement (OPC) in mortar. Mortar mixes with 0%, 5%, 10%, 15%, and 20% replacement levels were evaluated in terms of fresh, mechanical, and durability properties, along with high-temperature performance, failure modes, microstructural characteristics, and cost analysis. The results demonstrated that a 5% replacement of OPC with VA and RHA enhanced compressive strength by 8.2% and 7%, respectively, while ES achieved a 16% increase at a 10% replacement. However, exposure to elevated temperatures led to compressive strength reductions of up to 87%. Flexural strength improvements were observed, with increases of 15% for VA, 43% for ES, and 21% for RHA. Economically, incorporating 20% VA, ES, and RHA led to cost reductions of 1.2%, 7.4%, and 2.5%, respectively. Additionally, the strength-to-CO2 ratio increased up to 11.4%, 22.0%, and 8.3% for VA, ES, and RHA-based mortars, respectively, compared to conventional OPC mortar. All SCMs met ASTM C618-22 criteria for natural pozzolans, with optimal replacement levels determined as 5% for VA, 10% for ES, and 5% for RHA. This study underscores the eco-friendly potential of waste-derived SCMs in producing sustainable mortar while reducing cement consumption, costs, and environmental impact.