Ground granulated blast furnace slag (GGBFS) is a by-product obtained from the iron making process and has suitable properties to be utilized as high volume cement replacement to produce sustainable concrete. This study focuses on investigating the influence of GGBFS replacement level (0%–70%) and water/binder ratio (0.45 and 0.65) on the performance of cement mortar blends. In order to characterize the engineering performance, the compressive strength of the mortar blends was evaluated. Whereas to ascertain the carbon footprint, environmental life cycle assessment was conducted. Besides the compressive strength and carbon footprint, the materials cost for each mortar blends was computed. Based on the compressive strength/carbon footprint ratio analysis, it was found that increased replacement level of GGBFS gave better performance while the cost efficiency analysis shows that suggested GGBFS replacement level of up to 50%. Overall, in considering the strength performance, carbon footprint and materials cost, the recommended GGBFS replacement level for cement blends is 50%. In addition, when the binder content is kept constant, mortar blends with lower water/binder ratio is preferable when considering the same parameters.