Phosphogypsum (PG) and Carbide Slag (CS) are two industrial byproducts that can be used as cementitious materials, and their synergistic effect provides excellent activation of ground granulated blast furnace slag (GGBS), which is traditionally activated by lime (LM). However, the behavior of PG-GGBS-CS ternary blended cement remains largely unexplored. In this study, the mechanical performance, hydration mechanisms, and environmental profile of PG–GGBS–CS binders in comparison with PG–GGBS–LM were evaluated by unconfined compressive strength (UCS), XRD, SEM, and TGA analyses. The optimum formulation containing 30% PG achieved 24.88 ± 1.24 MPa at 28 d, statistically comparable to 25.6 ± 1.28 MPa for PG–GGBS–LM. The synergistic activation of PG and CS/LM on GGBS has been identified as a crucial factor in the strengthening of UCS in ternary blended cement. Hydration products consisted mainly of calcium silicate hydrate (C–S–H) gels and Ettringite (AFt). Importantly, the CO2 footprint of PG–GGBS–CS was reduced by 3.2% compared to that of PG–GGBS–LM. These findings establish CS as an effective substitute for lime in eco-binders, combining technical efficiency with carbon mitigation and offering a viable pathway for large-scale valorization of hazardous industrial residues.