The present study aims to investigate the possibility of recycling phosphogypsum (PG), which is a by-product of the fertilizer industry, for producing no-cement mortar (NCM). The PG powder was mixed with ground granulated blast furnace slag (GGBFS), carbide slag (CS), calcium hydroxide (CH) at different compositions to prepare the NCM samples for the investigation. A systematical evaluation about characteristics of the NCM was reported at both fresh and hardened stages, including flowability, setting time, unit weight, and compressive strength. Additionally, microstructural properties of the NCMsamples were examined using advanced analysis techniques of a scanning electron microscope (SEM) and X-ray diffraction (XRD). Furthermore, a cost analysis was also performed to show the capability of the real application. The test results show great potential for utilizing the above materials for the production of NCM with properties that meet the requirements for real practice.