The effect of ground rice husk ash (GRHA) (R) on engineering properties and hydration products of eco-cements containing ground granulated blast furnace slag (GGBFS) (S) and circulating fluidized bed combustion ash (CFA) (C) was studied. Four mixture proportions of SRC eco-cements with GRHA replacement at levels of 0%, 15%, 30%, and 45% by mass of binder were investigated. A reference mixture proportion of paste with 100% ordinary Portland cement (OPC) was prepared for comparison purposes. A series of laboratory tests including setting time, compressive strength, water absorption, porosity, thermal conductivity, scanning electron microscope coupled with energy dispersive spectroscopy, X-ray diffraction, and Fourier transform infrared spectroscopy analysis was carried out. Measured results showed that the GRHA increased setting time and porosity in the SRC eco-cements having a water-to-powder (w/p) of 0.4, leading to the decrease in compressive strength and thermal conductivity while the increase in water absorption. The GRHA increased the cristobalite amount and decreased the portlandite amount in the SRC eco-cements at the age of 28 days, resulting in the more significant long-term compressive strength development when compared with the reference paste with 100% OPC. Consequently, the GRHA could be used at a level of 15% by mass of binder to produce the SRC eco-cement with the compressive strength at 28 days of higher than 30 MPa and the thermal conductivity of 0.713 W/mK, resulting from the formations of AFt, C–S–H, and C–A–S–H gels.